1031 Exchange Massachusetts
Massachusetts ranks third among the most densely populated states in the US. A majority of residents reside in the Greater Boston Area, which is renowned for its influence on American law, culture, and commerce since the country was founded.
Massachusetts hosts few of the most prominent manufacturers and life science experts in the world and has a thriving research atmosphere. This unique talent pool has pulled major players in biotechnology, pharma, banking, and investment, creating tens of thousands of high-paying jobs. This upward trending in the job market has spiked growth in the real estate market as supply is incredibly low compared to the increasing demand.
Benefits of a 1031 Exchange in Massachusetts
Rising Home Values – Massachusetts has a median home value, which is substantially higher than the national average. Home values observed a 7.0% increase in the past year and are expected to increase by 7.7% by the next year. Limited supply has pushed the Median rent prices higher than the national average.
High Foreclosure Rates – Around 7.1% of homeowners in Massachusetts are behind their mortgages, which is considerably higher than the national average. Foreclosed properties offer tremendous opportunities for investors to acquire homes at lower prices. People who are impacted by foreclosures will need rental housing, which provides stability to the rental market.
High Property Taxes – Massachusetts’ ranks 7th among the states with the highest property taxes. Homeownership is a difficult option due to soaring property taxes, giving way to increased rent prices in the state.
Longer Commute Time – Boston is a busy city with commute time thrice than the national average. This has forced people to look for homes near core commercial areas for reduced commute time, resulting in skyrocketing appreciation.