Massachusetts has a population of 6.7 million residents. Every five years, hundreds of thousands of individuals move to the state, and between 2000 and 2010, the population increased by 3.3 percent. Since 2010, the number of people who live in the state has risen by 3.1 percent, and these newcomers are strongly boosting the overall demand for houses.
Established in 1620, Massachusetts has a particularly rich history, and it is the 14th most populated state in the country. The values of properties in Massachusetts have been increasing consistently during the past seven years, and experts believe that the average price of homes will continue to rise in the next two decades. Moreover, the number of people who have purchased real estate in Massachusetts has increased by 12 percent during the last 10 years.
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Building New Homes
Between 2008 and 2011, a relatively small percentage of houses in Massachusetts had been recently built. During 2012, the amount of building permits increased by almost 47 percent. A report by the Department of Commerce showed that the number of permits was augmented by 30 percent in 2014.
In spite of these increases, numerous analyses have suggested that more new houses need to be constructed in the state. Consequently, experts at the Department of Commerce are planning to provide additional tax deductions and other financial incentives for individuals who build new residences.
Boston City Properties agents are experts on luxury homes in Massachusetts. Call us for more information on buying and selling luxury homes throughout Massachusetts.
Renting a House
The monthly price for leasing a residence in the state is approximately $2,100. In Boston, the median rent for one-bedroom apartments is $2,080; however, the price of leasing a two-bedroom suite is $2,525 on average. Consequently, many businesses and individual investors have begun to purchase real estate and to rent out the properties to tenants.
The Income of the Residents
During the past year, the per capita income in the state was $35,763. In contrast, the average income of residents in the entire country was $28,155. Households in Massachusetts also had substantially higher earnings than those in most other states, and in 2014, households in the region had a median income of more than $66,000 per year.
According to one study, the yearly earnings of residents will likely rise by at least seven percent during the next three years. The analysis also indicated that this fact strongly encourages developers to create luxury condos because the number of people who can afford these suites is rapidly increasing.
Selling a Home
A regulatory agency recently indicated that houses in Massachusetts generally remain on the market for an average of 76 days before they are purchased. In 2010, homes were usually available for more than 150 days, and during 2012, residences remained vacant for 115 days on average.
The reduction in the amount of time that homeowners need to sell a property indicates that the number of buyers has increased. Furthermore, the amount of available houses in the state has been substantially reduced in the last two years.
The Benefits of the Location
Massachusetts is conveniently situated near Connecticut, Rhode Island, New Hampshire, New York and Vermont. Residents can easily take trips to Pennsylvania and to Maine. Boston, Springfield and Worcester are the largest cities in the state, and Massachusetts is positioned within 250 miles of many other cities that are particularly well-known. Some of these include New York City, Hartford, Providence, Manchester, New Haven and Albany.
The Infrastructure and the State's Energy
During 2009, the American Society of Civil Engineers created detailed reports about the infrastructure in each state. The analysis indicated that bridges, levees, roads, dams, ports, airports, railroads and docks in Massachusetts are in better condition overall than the infrastructure in most states.
In spite of this favorable report, the government of Massachusetts allocated $3.3 billion to a long-term program that would improve the infrastructure, and so far, 35 percent of this plan’s goals have been completed. In 2015, the roads of Massachusetts have a total length of 36,330 miles, and the cumulative length of the state’s rails is 896 miles. In total, 262 dams are managed by the state’s government. The dams stretch for more than 69 miles.
Currently, companies in Massachusetts produce 63 percent of the state’s electricity by utilizing natural gas, and green sources of energy generated more than nine percent of the electricity. Renewable sources of energy produce 2,270 gigawatt-hours of energy per year.
Massachusetts contains more than 115 hospitals, and in total, these medical institutions have 15,252 beds. Located in the state’s capital, Massachusetts General Hospital has the highest rankings in the region, and the facility has received awards for 16 specialties. Recently, MetroWest Medical Center has been given several acknowledgements by national organizations. As the largest hospital in Framingham, this medical center is currently expanding its facilities.
There are 415 doctors for every 100,000 people in the state, and Massachusetts has the highest ratio of doctors to residents in the country. Vermont has the second greatest ratio of physicians to inhabitants.
Real Estate and Beaches
In numerous cities, properties that are positioned near the shorelines of Massachusetts are more expensive than those that are located relatively far from the beaches. This phenomenon is evident in Newburyport, Rockport, Gloucester, Duxbury, Scituate and New Bedford.
Houses that are situated on islands generally have a higher, average value than residences in most other locations. For example, the median price of houses exceeds $1.5 million on Nantucket Island. In Martha’s Vineyard, the average value of homes is more than $950,000.
In Gloucester, the median worth of residences is $369,500. Houses that are situated near Good Harbor Beach have an average value of more than $465,000, and homes that are near the city’s southern shorelines are worth $749,000 on average.
The state contains 287 educational districts, and there are 352 high schools. In 2014, a national organization gave 22 gold medals to secondary schools in Massachusetts, and 41 institutions received silver medals. Furthermore, 12 schools were given bronze medals.
An extensive analysis showed that most school districts in the state have received good ratings. The best schools are located in Hadley, Nantucket, Boston, Eastham, Oxford, Hanover, Provincetown, Sutton, Clinton, Stoneham and Tyngsborough. According to a survey of residents who had recently moved to Massachusetts, 62 percent of the new inhabitants considered the rankings of the school districts of numerous cities when they were preparing to purchase a house in the area.
Boston Latin School consistently receives the highest ratings in the state. The institution has 2,352 students, and the pupils earned the highest scores on standardized tests that were given to most students in the state.
The Impact of Colleges
Massachusetts has 89 universities, and 84 colleges in the state are private. Founded in 1636, Harvard University is the oldest institution in Massachusetts. The college has approximately 21,000 students, and it manages 42 sports teams. The Harvard University Library is an organization that oversees 80 libraries. With 18.9 million books, the institution is the largest library in New England.
Boston University is the biggest college in the state, and 30,000 students attend the school. The college provides 75 programs for students who want to study abroad. The university allows pupils to go to 33 cities, and Boston University is partnered with schools in 20 countries.