Local Realtors In Somerville Massachusetts
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Locate just northwest of Boston, MA, the residents of Somerville, Massachusetts, only have a short 15-minute commute to the big city. Realtors in Somerville MA, however, made sure we give you more information about the city to make available to you so that you can make an informed decision about your potential future home in this Boston suburb.
Housing Market in Somerville, Massachusetts
When it comes to the housing market, as we already mentioned, it can not be called an affordable market per se. With a median home value of $873,000, especially seeing as Boston’s is at $728,000, you can see why real estate agents in Somerville MA are a good idea. When it comes to single-family homes, the median climbs to $1.14 M, while the condo drops to $825,000. However, realtors in Somerville MA will help you find the best fit for your family and your needs.
If your budget is between $664,000 and $995,000 you’ll have a generous pool of houses to choose from as 37% are valued in those margins. However, a lower budget will give you a more shy variety with only 26% of all houses valued lower than that. On the other hand, above $995,000 you’ll have the remaining 37% of the properties available on the market.
When it comes to homeownership, the percentage of homeowners is significantly lower than the renter percentage. According to real estate agents in Somerville MA only around 32% of the city’s residents own their homes. This leaves the remaining 68% of the population to pay the monthly median rent of $4,000. Something that might explain the low rate of homeownership is that this community isn’t a typical suburb as only 10% of the properties in Somerville, Massachusetts, are single-family homes. On the other hand, 56% of housing is made of small apartment buildings with an additional 30% of them belonging to apartment complexes. Now let’s see how the job market is financing these costs.
Job Market in Somerville, Massachusetts
As a Boston suburb, the population of Somerville, Massachusetts, experienced a high population growth rate all the way to the mid 1920s. However, realtors in Somerville MA saw their city’s population decreasing from the 1950s when there were around 102,000 residents to a little over 76,000 by the 1990s. Still, in 2020, the city’s population started to climb again, reaching 81,000. Real estate agents in Somerville MA know that the city’s proximity to Boston has something to do with the city’s relatively young population as the median age in the city is 31 years.
Based on what realtors in Somerville MA know, the city’s median household income is $102,000 which, at least to some extent, manages to carry the burden of the city’s high cost of living. The annual wage growth rate was of 6.7% in 2018. If we take a closer look at the various types of occupations we’ll see that the most common jobs by number of employees are those in Management, while the highest-paying occupations are those in the Legal field with median-earnings of over $96,000. Still, based on what real estate agents in Somerville MA told us, the most common industry is Professional, Scientific and Technical Services while the highest-paying industry is the Mining, Quarrying and Oil and Gas Extraction Industries with median earnings of $175,000. The second-highest paying industry is the Management of Companies and Enterprises with median earnings of $87,000 creating a large income gap.
Living in Somerville, Massachusetts
Life in Somerville, Massachusetts, is nice, quiet but exciting enough as it ensures access to big-city amenities. The schools are amazing, the commute is incredibly short and it also has a well organized public transit system that families get to enjoy. To top that, if you want to live a healthier lifestyle, realtors in Somerville MA are happy to inform you that their city is very pedestrian and bike friendly, making it easy to go to your favorite restaurant or bar and enjoy a relaxing night out without having to worry about how much you enjoy when it comes to drinks. Life is great here and real estate agents in Somerville MA are ready to help you settle right in.