Boston is one of the hottest real estate markets in all of the US. Whether you are renting or buying, you will likely have to spend a pretty penny to live in the area. In this article, I’d like to reveal what are, in my opinion, the best three neighborhoods to rent or buy within the city. I’ve selected my choices based on value. This means that I am not necessarily saying these are the three best neighborhoods to live in period, but more so that these give you the most bang for your buck!
Brighton
Bordering Newton, Brookline and Watertown, Brighton is the most northwestern neighborhood in Boston. Being on the very edge of Boston, it gives a much more suburban feel than many other parts of the city. The majority of properties in Brighton are small multifamilies with 2-3 units. These buildings, as opposed to what is commonly found in mid-rises and high-rises, have significantly larger apartments. You can often find units with large living rooms, dining rooms and ample closet space. Three things that unfortunately can be hard to come by in Boston. They also often have yards with a decent amount of space for outdoor enjoyment. Another great perk is that most of these properties have driveways so off street parking is much more common. For those looking to park on the street, it’s relatively easy to find parking and much of North Brighton’s neighborhood’s are unmarked so you don’t need a permit.
In terms of pricing, Brighton is one of the cheapest for the more desirable northern half of Boston. Although it’s very similar to Allston and even often considered within the same neighborhood of “Allston/Brighton” the Brighton zip code is cheaper than its neighbor to the east. As of June 2024, the average rent in Brighton is $2,946/mo as opposed to Allston’s $3,294/mo. Both of these are significantly lower than Boston’s total average of $3,718/mo. Deserving of an honorable mention, Allston would come in at 4th on this list if I were to extend it. Brighton’s home prices follow a similar trend as its rental prices. The average sale price for a condo in 2024 is around $700,000 compared to Boston as a whole being at $1,298,000. It is one of the few northern neighborhoods in Boston where you can still get a studio or 1 bed condo for under $400,000.
Brighton’s location is great for those looking to purchase property. With highly desirable and fast growing Allston being the only bordering Boston neighborhood, the other land borders are Newton and Brookline. Being sandwiched between these two cities is great because they are two of the most expensive towns/cities in all of Massachusetts. Allston and Brighton are currently seeing a significant amount of new development in the form of mid-rise luxury condo and apartment buildings. Allston, especially in the Boston Landing area, is seeing more of this at the moment, but I believe Brighton will continue to have an increasing amount of growth. Another great factor that helps Brighton’s value is Boston College. Universities are a significant part of Boston’s real estate rental market and Brighton is a fantastic spot for the 15,000+ students that attend the school.
East Boston
East Boston may very well be the most up and coming neighborhood of Boston. While it is still relatively inexpensive, East Boston is right across the harbor from Downtown. This positions it for future growth as the city continues to expand. Not only that, but many current residents continue to enjoy the amazing view and short commute that the location has provided for years.
Unlike Brighton, East Boston has a much more “city” feel. The western side where most residents live is tightly packed. The majority of properties are 3-4 stories with 3-4 units in each. Connected to their neighboring buildings, usually on both sides, these properties typically do not have driveways or large backyards. The units themselves are significantly smaller than those you find in Brighton and generally the rest of Boston. Giving the area unique character for Boston, East Boston is well known for its massive latino population. Hispanic influence can be seen in every part of the neighborhood from its many restaurants to grocery stores and markets.
Rental prices in East Boston can be extremely inexpensive. The average rent in 2024 there is $2,972, very similar to Brighton. In my experience, East Boston apartments are usually cheaper than those in Brighton, especially apartments with 3+ bedrooms. Considering the neighborhood is a 5 minute train ride from downtown, that registers extremely high on the value meter in my book. As for purchases, I’ve personally found East Boston to have amazing value for multifamily properties. The average multifamily in East Boston has sold for $1,064,000 in 2024 compared to $1,320,000 for Boston as a whole. From what I’ve seen, East Boston has similar multifamily pricing as Dorchester while being, in my opinion, a faster growing and more desirable area. In terms of condos, the 2024 sale price average is at ~$675,000, just below Brighton.
Jamaica Plain
Another increasingly popular area in Boston is the neighborhood of Jamaica Plain. Also known as “JP”, Jamaica Plain was originally a part of Roxbury, but similar to Mission Hill, it became its own neighborhood. Like Brighton, Jamaica Plain is a more suburban neighborhood and is mainly comprised of 2-3 unit multifamilies. Because of this, residents similarly benefit from larger living spaces and yards. Unlike Brighton, JP has some more active areas. Mainly along its main road Centre St, Hyde/Jackson Square and Central Jamaica Plain offer numerous shops and restaurants that offer a lively contrast to the quiet neighborhoods found elsewhere in the area.
In terms of growth factors, I see Jamaica Plain following a similar trend as Mission Hill. Bordering Brookline, the western side of the area, referred to as the “Pond Side”, is highly desirable and property values have soared. In recent years, the massive amount of college students that look to Mission Hill for cheaper rents have started looking into Jamaica Plain. Mission Hill has quickly become an extremely competitive sub-market and the students aiming to land there have inevitably overflowed into JP. This increase in demand has positively impacted rental prices and as a result, property values. With the Orange line providing an easy commute downtown, I see a continued pattern of increasing demand for the area as Boston grows and becomes increasingly expensive.
Rental prices in Jamaica Plain aren’t quite as low as Brighton and East Boston being $3,462/mo, however they are still discounted. I’ve personally always found the area to be a fantastic alternative to Mission Hill for those looking around that area. For comparison, as of June 2024, the average apartment rented in Mission Hill so far this year has been $4,529 on average. On the sale end of things, JP condos have sold for about $780,000 on average. $80,000 above Brighton but still far below Boston’s total average ($1,298,000).
Conclusion
With Boston being one of the most expensive cities to live in and increasingly more expensive each year, knowing what neighborhoods provide the best value for your dollar can be extremely helpful. Brighton, East Boston and Jamaica Plain, while relatively more inexpensive areas, offer residents great locations within Boston that each have many benefits. All three areas have seen significant growth in recent years and will continue to grow both in demand and market value as Boston grows as a whole. Whether you are looking to rent an apartment, buy a condo to live in, or buy an investment property, I personally believe that these three areas are great options to consider.
*Please keep in mind that much of the information in this article is based on my personal experiences/opinion and may not accurately represent the Boston Real estate market. Rental and sale prices have been sourced from MLS*
Author
Evan Bilton
Written: 06/22/2024
Contact Information
evan@realty20.com
