The Benefits of Investing in Real Estate in South Boston
Established in 1804, this neighborhood is located next to South End and Dudley Square. Due to its position, South Boston is a major port for ships that are traveling in Massachusetts Bay, and the district welcomes hundreds of thousands of visitors every year. During the last five years, the average value of homes in this neighborhood has risen substantially, and the worth of commercial buildings has almost doubled.
The average rent in the entire city has increased by more than 10 percent during the past three years. A recent report shows that the median rent in South Boston is likely to be two percent higher in 2016 than the cost of leasing a condo or a house in 2014.
The Incomes of Residents
The economic health of South Boston has been steadily improving during the last three years. The median household income in Boston is approximately $49,080, yet the average income of households in South Boston is $60,260. In the past three years, the per capita income in the city has increased by almost two percent.
Attractions in the Neighborhood
The district contains the Boston Children's Museum, which is the second oldest museum for kids in the United States. The exhibits teach visitors about the history of education, and the galleries feature artifacts that are from more than 35 countries.
Residents can also explore the Boston Tea Party Ships and Museum. Positioned on Congress Street Bridge, this museum features two sizable boats that have been fully restored, and reenactments are commonly performed on the docks.
Numerous attractions are situated within seven miles of the neighborhood, and some of these include the John F. Kennedy Presidential Library and Museum, Boston Harbor, Hynes Convention Center and the TD Center. Many travelers check out the Paul Revere House, which was constructed in 1680. The USS Constitution Museum is also a popular destination, and the ship attracts more than 100,000 visitors each year.
South Boston's reserves are especially clean, and according to testimonials, residents frequently visit Marine Park and Joe Moakley Park. During the summer, inhabitants explore Castle Island Park, which contains a historical fort.
On Sundays, ferries take residents to Thompson Island. This attraction features a harbor and several old buildings, and in the autumn, guests commonly watch games at the soccer field.
Interstate 90 passes through South Boston, and residents can use Route 18 in order to drive northward or southward. By traveling eastward on Route 1A, inhabitants of the neighborhood will easily reach East Boston, and Interstate 95 lets residents rapidly drive through New Hampshire and the eastern part of Maine.
The Massachusetts Bay Transportation Authority is located in the western section of the neighborhood. This agency manages 12 rails for trolleys, 183 buses, four electric railways and four ferries. In total, the organization has more than 280 stations, and 123 of these stops are for passengers who use the commuter rails. Every day, approximately 1.2 million people utilize the organization's services.
The Market Values of Houses
During the last year, the average price of houses in Boston has risen by around 5.9 percent. Some experts have indicated that the values will continue to increase, but the prices will rise somewhat slowly. In the next year, the average worth of homes is projected to increase by 1.6 percent.
Most of the houses in Boston were constructed before 1939, and at least 3,500 homes were built between 1940 and 1969. Consequently, there is a slightly higher demand for newer houses in Boston, and some studies have indicated that the average price of newer residences may exceed that of older homes by more than eight percent.
The Boston Logan International Airport is situated less than one mile from the neighborhood, and in 2013, the airport handled more than 30.2 million passengers. According to one analysis, the presence of the facility may increase the prices of real estate in South Boston by allowing busy travelers to easily walk to the terminals, and the airport's location substantially augments the number of guests who visit South Boston and Winthrop.
The City's Services
The Property and Construction Management Department is able to inspect construction sites and to provide lists of regulations that contractors must follow. If you are preparing to construct a building in Boston, the agency will likely request information about the duration and the total budget of the project.
The organization generally determines the energy efficiency and the environmental impact of structures that are being built. Furthermore, the agency may request information about the future costs of routine maintenance.
South Boston's Proximity to Stadiums
The neighborhood is conveniently located within two miles of Fenway Park. Inhabitants are also within walking distance of Nickerson Stadium and Harvard Stadium, and residents who like to watch basketball games can visit Lavietes Pavilion.
The Costs of Parking
According to countless reviews, parking in South Boston can be quite expensive; however, many apartment complexes provide free parking for their residents. In general, parking in the southwestern section of the neighborhood is less costly than parking in South Boston's northern sector.