HSH.com, an online mortgage loan tracking company, released the results of an analysis of home prices and has determined that living outside major US cities can save homeowners thousands of dollars in interest on their loans, mostly due to lower home prices in the suburbs. This is true in Boston, where living outside the city, and as far away as New Hampshire, can save homebuyers money, while still giving them access to many of the city’s amenities.
HSH.com evaluated four factors: taxes, mortgage payments, average academic performance of eighth-grade students and general (non-housing) cost of living. These data points were combined into an overall Cost and Quality Score.
The results should surprise no one. Boston, like most major US cities, offers expensive housing options (at least in in its city core). While our property taxes aren’t high compared to the suburbs, our public schools are known to be mediocre (although some individual schools meet and exceed the quality of education in some suburbs).
But, people move into Boston for reasons beyond the cost of housing or the quality of schools. Many people don’t want long commutes, want to be in the center of activity, and want the urban experience, all its pluses and minuses.
Plus, if you were to take HSH’s advice … then you’d be living in NH. Blecch.