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Neat website

 
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balor123



Joined: 08 Mar 2008
Posts: 1204

PostPosted: Sat Jun 14, 2008 12:00 am GMT    Post subject: Neat website Reply with quote

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: 1824
Location: Greater Boston

PostPosted: Sat Jun 14, 2008 6:42 pm GMT    Post subject: Reply with quote

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.

- admin
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