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Renting vs. Buying in the Hub; Boston Rents vs. Elsewhere

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HUB-WIDE—Another report confirms the Boston area is a nightmare for tenants: "Other cities where rising rents are making life more difficult for renters include Los Angeles (No. 5, average rent $1,785), Northern New Jersey (No. 7, avg. rent $1,890), and Boston (No. 9, avg. rent $1,756). In each of these places, the vacancy rate is below 5 percent, giving landlords the upper hand, and residents spend between 28 percent and 39 percent of their household income on rental costs." [Forbes]
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HUB-WIDE—And buying isn't much help, unless you're here long-term: "In the Boston metro area, buying makes more financial sense if you plan to stay put for at least 3.4 years. That's how long it would take to break even — for the cumulative costs of renting the same home to exceed the purchase costs, according to Zillow, a Seattle online real estate database company. Boston has the fourth longest break-even rate among the top 35 U.S. metro areas, behind Los Angeles, Washington, D.C., and San Diego. [Herald]