Deciding whether to rent or buy a home is a major financial and lifestyle choice – especially in a high-cost area like Boston and its suburbs. Both options have pros and cons, and the best decision depends on market conditions and your personal situation. Below we’ll explore market trends, financial trade-offs, demographic scenarios, and creative ownership strategies to help you make an informed choice. (Remember, having a trusted real estate advisor like Steve Novak can provide personalized guidance at every step.)

When you’re ready to buy a home, one of the most important questions you’ll ask yourself is: “How much home can I afford?” Whether you’re a first-time buyer or you’ve been through the process before, understanding your budget and the associated costs will help you make confident decisions. In this blog post, we’ll walk you through the key factors affecting affordability—particularly for those with different financial and citizenship statuses—and provide practical tips on calculating your budget. We’ll also highlight valuable tools, including a Closing Cost and Mortgage Calculator from Steve Novak, a highly trusted real estate agent with Douglas Elliman in the Greater Boston area.

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Over the past two decades, Greater Boston’s real estate market has experienced significant fluctuations across single-family homes, condominiums, and multifamily properties. The mid-2000s housing bubble culminated in a peak around 2005-2006, followed by a downturn due to the 2008 financial crisis, which led to declining property values and sales across all categories. Recovery began around … Read more