New England City Ranks #5 in the US for Most Expensive Cities to Buy a Home

Let’s talk about that New England city. You know, the one with the rich history, iconic sports teams, best events, and a wicked cool vibe. But there's something else about this city that's making headlines: it's outrageously expensive to own a piece of it.

According to realtor.com, it turns out that Boston has snagged the #5 spot on the list of cities where you need a fat paycheck just to think about buying a place. And who's giving Boston a run for its money? Well, half of the top ten priciest housing markets decided to set up shop out in sunny California, but that shouldn’t be much of a surprise to anyone.

So how'd they figure out this mind-boggling income requirement? Well, the folks over at Realtor.com put on their detective hats and dove deep into the numbers. They looked at data such as median home prices in the 50 biggest metro areas, factored in a 20% down payment, estimated mortgage rate of 6.99%, and threw in some local taxes and insurance rates for good measure.

Using that data, buying a home in Boston is gonna cost you some dough, and here's why. First off, it’s kind of like the golden goose of the East Coast, located right in the middle of everything cool. Plus, there's not a ton of space to build new homes, thanks to all those historic buildings and strict zoning rules about what can go where. And let's not forget about the big bucks flowing through the city thanks to booming industries like tech, healthcare, and finance. People there tend to make bank, which drives up housing prices.

You also can’t deny the charm. Boston's got history dripping off every brick, and people are willing to pay extra to live in a piece of that. Not to mention, if you wanna live near all the action or hop on the T without breaking a sweat, you're gonna fork over even more for that convenience. Boston is a hot place to be, and snagging a spot to call your own is no easy feat. But saving your pennies to call Beantown home is never a bad idea.