Community Corner
Rental Vs. Ownership in Melrose and Beyond
Do you rent in the Melrose? Would you buy a home in the neighborhood or move away?
After three decades of government policy aimed at home ownership and a fearsome housing market crash in 2007-2008, renting has become a more realistic option for many individuals and families.
In some places, like Boston, Cambridge, Somerville and Chelsea, this is more of the same. In other, more suburban locations, home, condo and apartment rentals are community-wide controversies.
At approximately 33 percent, Melrose lands right in the middle compared to surrounding communities. To the south, Malden and Medford have higher percentages of renters than Melrose, while to the North, Stoneham and Wakefield. Saugus next door also has a lower percentage of renters. Still, two-thirds of the city's housing units are owner-occupied.
Find out what's happening in Melrosewith free, real-time updates from Patch.
The following chart shows the number of occupied housing units and the percentage of rentals vs. owner-occupied units in each community. The numbers were provided by the 2010 U.S. Census, except for the Boston neighborhood breakdowns, which were determined using the City of Boston's myNeighborhood Viewer tool, and represent approximations for each community.
Do you rent in the Melrose? If so, do you plan to buy at some point in the future? Would you buy in Melrose or move elsewhere? Tell us in the comments below.
Find out what's happening in Melrosewith free, real-time updates from Patch.
*Back Bay 10,321 65% 35% *Beacon Hill 4,961 68.2% 31.8% *South End 12,896 60.9% 39.1% Cambridge 44,032 65.4% 34.6% Chelsea 11,831 71.3% 28.7% Everett 15,543 60.1% 39.9% Lynnfield 4,179 10.6% 89.4% Malden 23,673 57.8% 42.2% Medford 22,810 42.9% 57.1% Melrose 11,213 33.4% 66.6% Reading 9,305 22.1% 77.9% Revere 20,474 52.4% 47.6% Saugus 10,318 22.4% 77.6% Somerville 32,105 67.6% 32.4% Stoneham 8,994 31.5% 68.5% Wakefield 9,994 26.7% 73.3% Winchester 7,645 16.8% 83.2% Winthrop 7,783 44.7% 55.3% Woburn 15,524 39% 61%
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