For most millennials looking to move to Boston, the first thought is usually: “Where am I going to rent, and how much can I afford to pay per month?” Yet, with mortgages rates now at an all-time low, now might be a good time to consider purchasing a home if it hasn’t crossed your mind before. With mortgages now available at 2.99% for 10% down payments (and 5% in some cases), monthly payments have never been lower. Check out the example below, which walks through the mortgage payment structure for a studio at The Mezz, unit 202, which is priced at $499,900.
As shown above, if you are paying between $2,200 – $2,800 to rent a studio in South Boston, you could be building equity in your home instead of renting by purchasing at The Mezz, not to mention the tax benefits that you get for owning versus renting. At The Mezz, our 1 Bedrooms over $650,000 all come with parking included, unit 408. Check out the payment scenario below:
Contact us today if you have never spoken to a mortgage lender, as it couldn’t hurt to see how much you can afford to pay per month and compare it to your estimated monthly rent. If you’ve managed to save enough for a 5% – 10% down payment, the dream of owning your own home might be closer than you think.