Rent To Own Homes in Somerville, MA

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View this home at Elm St Somerville MA 02143
$854,910 EMV
Elm St
Somerville, MA 02143
5 |
AUCTION: 05-02-2024
5 |
Displaying 1 - 10 of 16

Home Value Estimator For Somerville, MA

There are currently 15,594 real estate properties in Somerville, MA, with a median automated valuation model (AVM) price of $1,063,000.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Somerville, MA, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Somerville, MA, is $1,087,476.00, with the most expensive house in Somerville, MA, topping out at $15,000,000.00 and the cheapest home in Somerville, MA, clocking in at $91,130.00. In other words, there’s something for every potential homebuyer or savvy investor in Somerville, MA!

Rent Prices In Somerville, MA

With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Somerville, MA, is on a rollercoaster ride. The average rent price in Somerville, MA, is $2,651.00. Indeed, when looking to rent in Somerville, MA, you can expect to pay as little as $1,240.00 or as much as $5,300.00, with the average rent median estimated to be $2,600.00. The good news is that finding an affordable and desirable property to rent in Somerville, MA -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.

Top Reasons To Live In Somerville, MA In 2024

Somerville is located in Middlesex, Massachusetts, with an estimated municipal population of 81,360 residents. All of the best foreclosed homes for sale in Somerville are located in the following zip code areas on 02144 02145 02143. The estimated population per square kilometer (.62 miles) in Somerville is 7,619.

Cost Of Living In Somerville, MA

So, about how much do homes cost in Somerville? The most recent median value of resident-owned homes in Somerville is 667,599. An estimated 33.6 percent of households in Somerville own their homes, with an average family size of 2.89. The median household income in Somerville is 97,328, with48.7 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Somerville, the median commute time of resident workers (in minutes) is 32.6. And last, but certainly not least, are you looking for homes to rent in Somerville? If so, the average rent price paid by renters in Somerville is 1,874, according to recent statistics.

Diversity And Demographics In Somerville, Massachusetts

Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Somerville, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.

The median age of residents in Somerville is 31.3, split between 49.6 percent male versus 50.4 female. The percentage of residents who report being married in Somerville is 32.4, with an average family size of 2.89.

The percentage of residents who report their race in Somerville is as follows:

White 75.8%
Black / African American 6.2%
Asian 10.3%
American Indian / Alaskan Native 0.2%
Native Hawaiian / Other Pacifc Islander 0%
Multi-racial 4.3%
Other 3.4%

Looking for family-friendly neighborhoods in and/or near Somerville? Or maybe you are searching for 55+ active adult communities in and/or near Somerville?

The percentage of residents who report their age in Somerville is as follows:

Under 10 7.5%
Aged 10-19 7.3%
20s 31.4%
30s 21.8%
40s 10.4%
50s 8.4%
60s 7.4%
70s 3.5%
80+ 2.5%

Best Schools In Somerville, Massachusetts

It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Somerville with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Somerville.

Pros And Cons Of Living In Somerville, Massachusetts

How do you know that living in -- or moving to -- Somerville is right where you need to be? Perhaps you grew up in Somerville or already live nearby; therefore, the decision to buy a home in Somerville is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Somerville for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.

Here are some questions to ask yourself when shopping for foreclosed homes for sale in Somerville:

  • What type of neighborhood environment (suburban, urban, rural, etc.) do you prefer?
  • What types of shopping (mom and pop, mall, big box), restaurants (fast food, chain, local) and businesses (small, big, mixed) would you like nearby?
  • What leisure-time activities (golf, biking, hiking, etc.) do you enjoy?
  • What type of commute (car, plane, home office) do you seek?

In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Somerville.

Reasons To Move To Somerville, Massachusetts, In 2024

Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Somerville can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Somerville, meanwhile, can field multiple offers from more qualified buyers.

Somerville, MA Rent To Own Homes


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