Hi!
Long time reader/first time questioner!
My wife and I live in an apt 12 miles from Boston/work. Our locale has excellent access to highways (93/95/3) and several bus routes (two direct to downtown/South Station; one local to the Red Line/Alewife).
My commute is subsidized (express), and 75 minutes (morning) and 40 minutes (evening). My wife's is unsubsidized, and 85 minutes each way.
Our rent will increase in two months for the third time (our fourth year). The increase this year is 14%, from $1714 to $1956 for a great apartment+dog (a super quiet, loving Shiba...which isn't really relevant, eh?). We must notify the complex within 30 days if we do not intend to maintain the lease.
Is this a good time to move closer to the city?
Some thoughts:
- The apartment rent increase will likely not be 14%. It was the same proposed percentage increase last year, and we talked them down to 8%. However, we know that they are trying to get lofts to a similar price point system-wide. Our rent is behind the curve because we began leasing during the downturn. Ultimately, our rent should settle around $2200 with modest increases afterward (probably in the next 2-3 years).
- We have no debt, strong salaries, and have no desire to buy in the "everything's old or obscenely overpriced" Boston area. We've looked, and are not casually passing on the option. Some places are nice, but we loathe illiquidity. Plus, the NY Times' wonderful "buy vs rent" tool is eminently in our favor, unless we intend to stay here for 7+ years, which is not in the cards.
- We would consider staying in our present location, rather than adding to costs with moving fees and the associated logistics. But our commute times are obscene!
- We are somewhat limited when considering replacement apartments - many apts do not accept dogs downtown.
- We do not have to remain with Equity, but since we are with them, certain account logistics are easier, and move timing is flexible. Plus, we like their properties, generally speaking.
- Our initial foray into apt reviews suggests what we like will be between $2350 and $2650/month (unless the place is an amazing 1br/1ba, we would like a 2br apt for family members' extended stays from overseas). Incidentally, staying in our current complex and switching to a 2br would be not that much less money so that's not in consideration.
- (For locals) Longwood looks nice, near the medical complexes and MoFA. We've had business in the area and one of the apartments is right near a Green Line stop, which would cut our commutes by roughly 2/3 on days the line is moving swiftly.
- Disclosure: we lived in DC for many years. Modern apts, great transit, very short work commutes (for us). After five years up here, we've really yet to find anything, or an area, that we really like. That makes "moves" like this difficult.
We know there's no easy solution. But I talk about the MMM blog a good deal at day's end, and we thought some of you might prod us with a few questions that could make a decision easier.
I will respond to any questions you have.
Thanks in advance for your thoughts (and any recommendations from locals)!