Massachusetts housing market... Make almost 100k/year and can't afford anything.?
Here's my situation: I'm 27 and work in town (Waltham) as a Software Engineer. My current salary is $95,000/year and I also have $120,000 in savings not including retirement accounts. I also live at home with my parents and I have been living here for the past 3 years so I can save for my own place.
My issue is that I STILL find prices to be way too high in the areas I want to live. My optimal housing arrangement would be a townhouse/condo somewhere close to work such as Waltham, Watertown, Arlington, Woburn, etc. I absolutely do not want to move far away and have a rough commute to work each day. To me, time = money and money = freedom and I don't want to be a slave to my commute.
I also do not want to be a slave to my mortgage payment, either, and the maximum i'm willing to spend is 300k and ideally a little less than that. I've seen some decent places in this range but they all seem to have a fatal flaw(s). For instance Repton Place in Watertown seems nice (modern, laundry in unit, good commute location) but the buildings abut an industrial park... There's been places in other areas like Medford or Somerville but the affordable units are invariably located in slummy locations.
The conclusion that I'm arriving at is that I should continue to live at home for a year or more and hope the market declines while I continue to save more money. Eventually it's going to become a little "weird" that I live at home with my parents while being late 20s and earning a reasonably good salary...
Does anyone else have any insights about the condo market in the boston area?