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5 Best Towns For Investors in Greater Boston

By Elizabeth R. Elstien

It is tough out there for residential real estate investors in Greater Boston. There are few multi-family homes on the market and condos/apartments and single-family home pricing is steadily increasing in most areas. Rents depend on size, amenities, neighborhood, special features, appliances and other factors. Here's a real estate investor cheat sheet to the five best towns for investors in Greater Boston.

  1. Revere. Almost 5 miles from Boston, this waterfront town is mostly residential with some industrial and commercial useage. Yet, the town has left 900 acres as open water or wetlands, adding to its charm. Boasting convenient access to Logan Airport, Boston, train service, and major roads, along with colleges and universities, museums, theaters and medical facilities, this town of close to 43,000 is in an excellent location. Revere home prices have remained fairly constant for the past two years and are now showing a 10.1 percent increase. Housing prices now average: $220,000 for condos, 315,000 for single-family homes and $415,000 for multi-family homes. Rents now range from $1,250 to $1,850.
  2. Everett. This is a working-person's community historically comprised of many immigrants who came to work in its factories. Therefore, it has numerous cultures. Everett also has a convenient transportation location. It is 15 minutes from Logan International Airport, close to two interstates and has service with the transit authority (MBTA). Unlike other Greater Boston areas, there are a large number of affordable multi-family homes listed. Home prices have slowly been increasing for a few years. Average sales prices: $230,000 for condos, $325,000 for single-family homes and $460,000 for multi-family homes. Rents range from $1,300 to 1,800.
  3. Quincy. This birthplace of two U.S. presidents has a sizeable population of 90,000 and both coastline and inland options. There are a number of home choices in this historical city and prices have increased 5 percent since 2012. Quincy is 10 miles from Boston. Home prices average about $375,000 for condos, $440,000 for single-family homes and $500,000 for multi-family homes. Quincy rents runs from $995 to $2,700.
  4. Canton. Located 17 miles south of Boston, this town of over 18,500 residents has direct access to Massachusett's main highways and commuter trains. With its small-town charm and wetland conservation areas, this is a good town to escape city life. Condo prices average 320,000, single-family home prices average $630,000 and multi-family homes average $800,000. Rents in Canton start at around $1,200 and go up to $2,000.
  5. Waltham. Having a population of nearly 58,000, Waltham is the second largest market for office space in Greater Boston. Downtown is being reborn and better access to the Charles River in the south of town is in place. There is lots of multi-family housing in the south section of Waltham with larger lots of single-family housing in the north section. Housing prices have been irregularly rising since the middle of 2011 and have recently taken a slight 1.9 percent dip. I expect them to increase again due to town revitalization, so buy before the prices go up. Current average home prices: $320,000 for condos, $515,000 for single-family homes and $535,000 for multi-family homes. Recent Waltham rents range from $1,250 to $3,400.
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About The Author

Elizabeth R. Elstien has worked in real estate for over 15 years as a real estate...

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