Rental Vs. Ownership in and Around Somerville
Somerville, more than most other communities in the area, is a city of renters. Home ownership numbers are relatively low.
If you live in Somerville, chances are you're a renter.
The city has one of the highest percentages of renter-occupied households in the region (see chart below). Only Beacon Hill and Chelsea have higher proportions of renters, though the numbers are close.
Conversely, Somerville has relatively low rates of owner-occiupied units.
The issue of renting versus home ownership has been a topic of discussion in recent years. After three decades of government policy aimed at home ownership and a fearsome housing market crash in 2007-2008, renting has become a more realistic option for many individuals and families.
For places like Somerville, Boston, Cambridge and Chelsea, the concept of renting, as opposed to owning, is not new. However, in some communities near Somerville, particularly more suburban locations, home, condo and apartment rentals are community-wide controversies.
The following chart shows the number of occupied housing units and the percentage of rentals vs. owner-occupied units in each community. These numbers were provided by the 2010 U.S. Census, except for the Boston neighborhood breakdowns, which were determined using the City of Boston's myNeighborhood Viewer tool, and represent approximations for each community.
Do you rent in the Somerville? If so, do you plan to buy at some point in the future? Would you buy in the Somerville or move elsewhere? Tell us in the comments below.
|Community||Occupied Housing Units||% Rented||%Owner Occupied|