Top 5 Most Affordable Suburbs of Boston
Boston has long been one of the nation’s strongest real estate markets in the past decade, comparing with San Francisco and New York in terms of rent prices, venture capital invested, and population growth. Prices for real estate and apartment rentals were at record highs prior to COVID-19 hitting the country in March, and despite surging vacancies and uncertainty regarding the many area universities going back to school in fall, prices are still among the highest in the nation.
It should be no surprise that the Vacancy numbers within the City of Boston are up at the moment. COVID has taken a toll on city life in almost every major metro in the US, and Boston is no different. People are looking to flee densely populated areas which in turn is placing a premium on the housing market in the towns surrounding Boston.
For many that still work or commute to the city, the idea of living in suburban Boston provides a option to minimize that risk while still living close to the city for work and play. This article will highlight the 5 most affordable suburbs to rent an apartment in Boston.
5. Quincy, MA
Quincy sits just south and east of Dorchester, one of Boston’s largest neighborhoods. It provides renters an array of options from beautiful waterfront housing to suburban living with close access to public transportation. It’s a quick ride into the city by car or train, and it provides a reprieve from the soaring rent prices of the city.
Quincy apartments are in high demand, but the prices making it well worth the search. Quincy is particularly affordable for smaller 1 and 2 bedroom units, average $1,608 for a 1 bedroom apartment and $2,091 for a 2 bedroom apartment. Quincy ranks as the 3rd most affordable suburb to rent a 1 or 2 bedroom unit.
Renting a larger apartment in Quincy can be a bit more expensive in comparison. The average rent price of a 3 bedroom apartment in Quincy is $2804, while a 4 bedroom apartment in Quincy will run you $3210 on average. That’s ranked 5th and 8th respectively, so if it’s a larger apartment that you need, you will find better deals elsewhere.
4. Everett, MA
Located a stones throw from Charlestown, Everett provides renters a plethora of affordable options with a very short (5 miles) commute to downtown. Average rent prices for 1 bedroom apartments in Everett are pulling in $1672, which ranks 10th lowest on our list. For larger size rentals like 4 bedroom and 5 bedroom units, Everett apartments are even more affordable than #3 on the list Waltham. Everett ranked 3rd most affordable at $2,925 for 4 bedrooms and $3,025 for 5 bedrooms. Compare that to the $4,414 average rent price for a 4 bedroom apartment in Cambridge, Boston’s most expensive suburb, and you’ll see how much you can save in Everett!
3. Waltham, MA
Waltham sits just North of Newton, MA, and West of Watertown. It’s located just 15 miles to Downtown Boston, offering a slice of suburban life in a beautiful setting. Depending on the size unit you’re looking for, Waltham is a great option to save some dough on your rent. For smaller size units Waltham is one of the most affordable suburbs near Boston.
The average rent price of 1 bedroom apartments in Waltham, MA is $1641, which ranks the 12th most affordable town for 1 bed units compared to other suburbs. The average rent price of a 2 bedroom apartment in Waltham is $2101 which is ranked 11th, and the average rent price of a 3 bedroom is $2394, which ranks 13th out of 15.
2. Malden, MA
Malden is a small Boston suburb located just 9 miles north of the city. Located just east of Medford and just north of Everett, Malden offers residents an affordable option for living very close to the city. With easy access to public transportation and lots of green space, Malden is a great destination for anyone looking to beat the hustle and bustle of the city but still live close for work or play.
The average rent price of a 2 bedroom Malden apartment is $2058, while a 3 bedroom unit will cost you $2,804 on average. Both of these rank second to last in terms of cost compared to the other 15 Boston suburbs considered.
1. Norwood, MA
Located just 20 miles southwest of center Boston, Norwood provides a quiet suburban setting close to the action. Out of all the towns within a 25 mile radius of Boston, Norwood is the second most affordable place to rent an apartment behind only Malden. The average rent price of a 1 bedroom apartment in Norwood, MA is $1200, while the average rent price of a 2 bedroom apartment is $2033. Norwood ranks last among the 15 other neighborhoods analyzed in terms of rent cost for 1 bedroom and 2 bedroom apartments.