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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.

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.

Community Occupied Housing Units % Rented %Owner Occupied Arlington 18,969 38.7% 61.3% Boston 252,699 66.1% 33.9% *Charlestown 8,033 53.7% 46.3%
*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%
cliff webb February 16, 2013 at 12:38 PM
I love how an advertisement can pretend to be a news article. Renting has become a "realistic" option because many can no longer afford the lie they were sold that they could afford a home. In many cases it was a cold dose of reality that the real estate agents that had told buyers they could afford something was nothing but a scam. Now skyrocketing rents are starting to make some think about venturing back in to the owner market.
Mark Ouellette (Editor) February 16, 2013 at 06:01 PM
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