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balor123
Joined: 08 Mar 2008 Posts: 1204
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Posted: Sat Jun 14, 2008 12:00 am GMT Post subject: Neat website |
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Website:
http://hotpads.com
Review:
http://www.appscout.com/2008/06/hotpads_helps_you_decide_when.php
Good for finding housing an rental units. It also can produce some good heat maps, like one showing the rent ratio.
Towns with high home / rent ratios: Lexington, Lincoln, Weston, Newton, Wellesley, Belmont.
Towns with low ratio: parts of Waltham, Watertown, Cambridge, Brighton
May just be that rental units and house prices in some areas are different quality. Looks like average for Boston now is around 12. Is that high? What is the historical average?
While researching the topic I came across an interesting report from 2004:
http://www.frbsf.org/publications/economics/letter/2004/el2004-27.html#subhead1
Notice Boston on the graph. |
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admin Site Admin
Joined: 14 Jul 2005 Posts: 1826 Location: Greater Boston
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Posted: Sat Jun 14, 2008 6:42 pm GMT Post subject: |
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Very nice. Thanks for sharing.
I don't know what the historical price to rent ratio in Boston is. This would unfortunately be distorted by rent control until recently. It may be better to compare other cities which didn't historically have rent control.
I seem to remember reading that it's a good time to buy if the ratio of price to monthly rent is 100 ~ 120, although I don't remember where I read that, so it may have no bearing on reality. The HotPads website is using annual rent, so the ratio of 12 that you cited would translate to 144 in terms of purchase price to monthly rent.
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