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how much income to be able to live in an million dollar home
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PostPosted: Wed May 31, 2017 9:44 pm GMT    Post subject: Reply with quote

Guest wrote:
Sure. To name a few Natick, Milton, Canton, Andover, Swampscott, Marblehead, Norwell, Melrose.

If you've got a smart kid and raise him to be a good student, he can go to any college he wants from any one of these schools districts.

Lots of happy, successful, well-educated people come from these and other places.


Acton, Arlington, Mansfield, Wayland... many good schools in MA.
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PostPosted: Thu Jun 01, 2017 5:35 pm GMT    Post subject: Reply with quote

And if you *don't* have kids, you get to pay taxes through the nose for the schools if you want to live in one of these communities but it all works out because the town will take care of you when you're old, right? Wink

(said the person with no kids and no chance of any).

(joke, no intent to offend).
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PostPosted: Thu Jun 01, 2017 7:09 pm GMT    Post subject: Reply with quote

Anonymous wrote:
Guest wrote:
Sure. To name a few Natick, Milton, Canton, Andover, Swampscott, Marblehead, Norwell, Melrose.

If you've got a smart kid and raise him to be a good student, he can go to any college he wants from any one of these schools districts.

Lots of happy, successful, well-educated people come from these and other places.


Acton, Arlington, Mansfield, Wayland... many good schools in MA.


And Arlington is a mere 10 miles from downtown!
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PostPosted: Wed Jun 14, 2017 8:38 pm GMT    Post subject: Reply with quote

Quote:

And Arlington is a mere 10 miles from downtown!


I have nothing to against Arlington, and I do agree there are so many towns with good public school systems around MA, and the home prices there are at least 30% less than those popular first tier rich towns.

I guess there is this sick idea of only settling for the best, and everything else is not worth considering. It is like some folks would only buy Apple Iphone for $1000, and will not considered any other phones that would run 99% as well as iphone, yet cost less than half of an iphone. Using Arlington as example, it has always been considered lower tier compare to its next door neighbor Lexington and Belmont. There are similar situations everywhere, like Wayland is lower tier against Weston, Natick is lower tier against Wellesley etc.

Home is the biggest purchase most people would do in their lives, and paying more and/or way more for the best of the best do have its logical stand. Also a good public school system is not just depending how much resources the town provide its schools, but also about how much resources parents provides to their kids in that town. Rich towns in general means more resources given from parents to kids, that is what makes kids in those schools prosper better in general.
Once you realized this formula, then you can do your own calculation of which town's home price is worth it or not worth it.

Last thing I would like to point out is, home price went up crazy in towns with good public school system because private school tuition went off the chart in the last 15 years. Same as our healthcare system, lack of international competition and still being considered the best in the world attract global demand. Higher demand means higher price.
So unless something change in our educational system to help our citizens, this type of craziness will continue with no end.
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PostPosted: Thu Jun 15, 2017 10:34 am GMT    Post subject: Reply with quote

Anonymous wrote:
Quote:

And Arlington is a mere 10 miles from downtown!


I have nothing to against Arlington, and I do agree there are so many towns with good public school systems around MA, and the home prices there are at least 30% less than those popular first tier rich towns.

I guess there is this sick idea of only settling for the best, and everything else is not worth considering. It is like some folks would only buy Apple Iphone for $1000, and will not considered any other phones that would run 99% as well as iphone, yet cost less than half of an iphone. Using Arlington as example, it has always been considered lower tier compare to its next door neighbor Lexington and Belmont. There are similar situations everywhere, like Wayland is lower tier against Weston, Natick is lower tier against Wellesley etc.

Home is the biggest purchase most people would do in their lives, and paying more and/or way more for the best of the best do have its logical stand. Also a good public school system is not just depending how much resources the town provide its schools, but also about how much resources parents provides to their kids in that town. Rich towns in general means more resources given from parents to kids, that is what makes kids in those schools prosper better in general.
Once you realized this formula, then you can do your own calculation of which town's home price is worth it or not worth it.

Last thing I would like to point out is, home price went up crazy in towns with good public school system because private school tuition went off the chart in the last 15 years. Same as our healthcare system, lack of international competition and still being considered the best in the world attract global demand. Higher demand means higher price.
So unless something change in our educational system to help our citizens, this type of craziness will continue with no end.


Great schools might justify the high prices in some towns, but it doesn't explain the high prices in areas with average schools like Cambridge, Somerville, Charlestown and South Boston, I think the bigger reason is the redistribution of wealth to the top 20% - households with more than 200k annual income and net worth of over 500k in US. The numbers are probably higher for a high income area like Massachusetts.

https://www.nytimes.com/2017/06/10/opinion/sunday/stop-pretending-youre-not-rich.html?_r=0
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PostPosted: Thu Jun 15, 2017 1:46 pm GMT    Post subject: Reply with quote

Quote:
Great schools might justify the high prices in some towns, but it doesn't explain the high prices in areas with average schools like Cambridge, Somerville, Charlestown and South Boston, I think the bigger reason is the redistribution of wealth to the top 20% - households with more than 200k annual income and net worth of over 500k in US. The numbers are probably higher for a high income area like Massachusetts.


The 4 towns/cities you listed are pretty much urban area with MBTA accessable. That is a bit different than those suburb towns we have been talking about. You pay the top dollars to live in urban areas with all the city excitements right at your finger tips. Therefore school system is not the main reason why these areas are expensive. People live there tend to be younger, such as students and young professionals. Families tend to move out of those area once they have kids.

With that said, let's review each of your 4 towns to see why they are expensive.

1. Cambridge.
Cambridge resident pay the lowest property tax in the world, thanks to harvard and MIT and all the Bio tech companies pay for the taxes. So lower tax mean lower maintenance of your property, meaning higher price. Then there are other factors like close to downtown, a lot of working opportunities, high demand for rent from students and professionals etc.

2. Somerville
Somerville just get infected by Cambridge price hike, because it is right next to it, which means high paying people who work in Cambridge and can not afford cambridge, Would more than likely consider live there. Home price in Somerville is not as expensive as cambridge, but if SFH in cambridge cost 1.5 millions, you can't expect much less price on similar houses less than 1 mile away in somerville. This is the class example of second tier town affect I mentioned in earlier post.

3. Charlestown
unique half island close to downtown, with MBTA accessable. This is very rare area that is isolated from the world, yet very quickly you can get to work and all the city excitements in downtown. Need me to say more?

4.South Boston
This is the new uprise area beneift mostly from the seaport development. With all the new office buildings coming up, south boston suddenly become hub right next to downtown. What i can see is south boston will eventually become like soho area in NYC.
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PostPosted: Fri Jun 16, 2017 3:43 pm GMT    Post subject: Reply with quote

Please don't confuse urban schools with "bad schools".
Just because city schools service a disproportionately large minority
and immigrant population doesn't mean the schools aren't good, or that
a good education isn't available.
Boston Latin is arguable the best school in the state (public or private).
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PostPosted: Fri Jun 16, 2017 5:16 pm GMT    Post subject: Reply with quote

Guest wrote:
Please don't confuse urban schools with "bad schools".
Just because city schools service a disproportionately large minority
and immigrant population doesn't mean the schools aren't good, or that
a good education isn't available.
Boston Latin is arguable the best school in the state (public or private).


Boston Latin would be the worst example to use. Its an exam school, only the best and brightest can pass so therefore it 'automatically' becomes a good school no matter what the minority population.. it also encompasses the entire Boston .. big wide wide of diversity
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PostPosted: Fri Jun 16, 2017 5:33 pm GMT    Post subject: Reply with quote

I said a good education is AVAILABLE.

If you have a smart kid, he'll get in.
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