Posted Mar 9, 2015
Cheapest and Most Expensive Boston Neighborhoods
With its location near the Atlantic Ocean and historic ties, the city of Boston is a unique and beautiful place, so it’s no wonder many people want to live there.
Whether you have an apartment in the city and your lease is almost up or you’re about to move to the area, finding Boston neighborhoods you like shouldn’t be difficult. The hard part will be picking one that’s just as attractive to your budget as it is to you.
Apartments in Boston range in price from neighborhood to neighborhood, so we’ll share with you, our renters, the five most expensive and the five cheapest Boston neighborhoods and how they earned their price tags. However, no matter where you end up, you’re sure to love living in the city.
Most Expensive Boston Neighborhoods
In quarter four of 2014, Bay Village had a median rental rate of $3,500 a month. If you’re gawking at the number, you may wonder if the area is really worth the cost.
If you love history, old buildings and architecture, it certainly is. Bay Village is one of Boston’s historic neighborhoods, and it contains houses built during the Federal Period.
Not only will you find quaint buildings that transport you back in time, but you’ll also have easy access to entertainment if you live in Bay Village. The neighborhood is full of restaurants and is right next door to the Theatre District. You can even walk to a show amidst tree-lined streets– um, yes please!
These two neighborhoods that abut one another have a median rental rate of $3,246.50. And while the cost could scare you, the neighborhood charm will pull you back.
Boston’s Chinatown is one of the largest such neighborhoods in the country, and there you’ll find Chinese restaurants and shops galore– with all those good eats just around the corner, it’s no surprise this area is popular. The Leather District is made up of old leather factories that have been transformed to modern and industrial lofts.
With a median rental rate of $3,115, Downtown Boston is an energetic hub. Young professionals flock to the city center, where they’ll have access to nightlife, shopping and dining galore.
Additionally, living downtown also means you’ll be close to the bay– ahh, the smell of ocean spray in the morning!
Mission Hill has an eclectic mix of historic row houses, older buildings and new, updated establishments.
The old and new live together in Mission Hill, whose median rental rate is is $3,000. Even with a price tag so high, the area is a charming retreat full of energy and a sense of history.
Abutting the Charles River Basin, the West End neighborhood is a small but thriving community. Rent there reaches a median rate of $2,925.
With public transportation, parks and shopping centers, you’ll love getting outside to explore the West End.
Cheapest Boston Neighborhoods
With a median rental rate of $1,650, Coolidge Corner is the cheapest Boston neighborhood. As a renter, that number probably looks good to you.
You’ll also like this area because of its historic theaters and cafes, locally owned shops and outstanding restaurants. The neighborhood also provides access to public transportation. Of course, you’ll want to walk as much as you can to check out the shops lining the main streets.
Fenway Kenmore is a little pricier, as its median rental cost is $2,250. However, you could fall in love with the neighborhood anyway. The area is known for its artistic ties and entertaining venues, as it’s home to Fenway Park, the Museum of Fine Arts and Symphony Hall.
The money you save by living in the second-cheapest Boston neighborhood can go toward exploring these locations.
Of course, you can also put your saved money toward bars, restaurants and clubs, of which Fenway Kenmore has many.
Located far north of the city center and just outside the city limits, Medford is a beautiful area with a median rental price of $2,312.50.
You can catch a ride on public transit to get to the city center from Medford, but you’ll have plenty to do in town. With scenic ponds, lakes and parks, nature lovers are sure to enjoy the area.
What’s more, Medford is home to Tufts University’s Medford Campus, which provides the neighborhood with beautiful architecture.
The North End faces the Boston Inner Harbor and is part of the city peninsula. Its median rental rate is $2,500, which is quite affordable for the city.
Often called Boston’s “Little Italy,” the North End features restaurants that serve fine cuisine. Be on the lookout for cute cafes, tasty gelato, and colorful markets.
Just west of the Financial District, the Beacon Hill neighborhood has a median rental rate of $2,500, making it on par with the North End.
This area is the oldest neighborhood in Boston, so history buffs and lovers of architecture are sure to enjoy living here. With antique shops and restaurants, Beacon Hill is a great place to walk your dog or simply take in the city.
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Methodology: Trends represented in the Lovely Rental Market report reflect Q4 2014 rental market data based on the comprehensive set of aggregated rental inventory posted on Lovely between January 2012 and December 2014, and is no longer active.
Prices reported are as indicated upon posting and do not capture the final pricing terms on closed lease agreements. In addition to Lovely’s posting platform, Lovely Pro, Lovely obtains listings by partnering with over 70 external providers to populate its marketplace with rental listings.