Massachusetts has the fifth costliest mortgages in the country, according to a report from alternative lending company Hometap. The report estimated the average monthly mortgage payment in the state to be $1,333, and annual home maintenance costs averaged out at $17,461. “It’s no wonder, then, that the top stressor for Boston homeowners is the cost of home repairs and maintenance,” the report’s authors noted.

“Eighty-one percent of those surveyed answered that they’re moderately to extremely stressed when factoring this potential cost into the big picture of homeownership.” According to Hometap’s survey of Boston homeowners, 88 percent said they are building equity in their homes; 71 percent said housing costs are rising faster than their income; 74 percent said the gap between wages and housing costs is getting worse; and 13 percent said they have no good option for turning equity into cash.

The report also noted that the Boston Home Price Index has increased 118 percent between 2000 and 2018 – that’s compared to a 95 percent increase nationally. This may be translating to the types of properties Bostonians prefer.

Melanie Fleet, a real estate professional with Keller Williams Chestnut Hill, told Boston Agent that more buyers, particularly first-timers, “prefer move-in ready homes with …

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Article From: "Timothy Inklebarger"   Read full article

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