Seaport Neighborhood - Infill and Discussion

[cjbski]

Re: Innovation Dist. / South Boston Seaport

$125k combined income is only about $63k / year each. That's around what a 22-year old college grad would expect to make in his or her first job out of school in Boston in 2018. An established professional couple in Boston would expect to make much more than that.

College grads at age 22 do not make $125k a year in Boston. There are exceptions to that of course, but no one makes that their first year out of school. Parents subsidize rents.

 

[Rover]

Re: Innovation Dist. / South Boston Seaport

College grads at age 22 do not make $125k a year in Boston. There are exceptions to that of course, but no one makes that their first year out of school. Parents subsidize rents.

I think you need to re-read the original post again...

 

[DominusNovus]

Re: Innovation Dist. / South Boston Seaport

I think you need to re-read the original post again...

In all fairness, ~$60k is still really optimistic for recent graduates. My wife does quite nicely in her job and has a valuable degree, and she made around $30k when she graduated (we’re in our early 30s).

 

[falcon42]

Re: Innovation Dist. / South Boston Seaport

College grads at age 22 do not make $125k a year in Boston. There are exceptions to that of course, but no one makes that their first year out of school. Parents subsidize rents.

Don't assume. I didn't have $1 subsidized and have lived in Boston for several years since graduating.

 

[Rover]

Re: Innovation Dist. / South Boston Seaport

In all fairness, ~$60k is still really optimistic for recent graduates. My wife does quite nicely in her job and has a valuable degree, and she made around $30k when she graduated (we’re in our early 30s).

I would say its optimistic but not really optimistic. Mind you, the issue isn't whether nor not most people in the region are pulling in 60K, 100K, whatever. The issue is are there enough people in the region pulling in that kind of dough to afford the new apartments going up in the Seaport. The answer to that is a resounding yes. The jobs being created in Boston tend to be higher paying and demand is still far outpacing supply. Combine that with households where either both people are working, or older residents who've now made a mint on the houses they bought in the 80's in the 'burbs and can now cash out and buy a luxury condo and you get the feeding frenzy that we're in.

 

[fattony]

Re: Innovation Dist. / South Boston Seaport

In all fairness, ~$60k is still really optimistic for recent graduates. My wife does quite nicely in her job and has a valuable degree, and she made around $30k when she graduated (we’re in our early 30s).

As a hiring manager at a technology company in Kendall Square, I can tell you the lowest salary for an engineer at my company is $71,500. That is for a BS and no work experience. And it goes up every year.

I would say its optimistic but not really optimistic. Mind you, the issue isn't whether nor not most people in the region are pulling in 60K, 100K, whatever. The issue is are there enough people in the region pulling in that kind of dough to afford the new apartments going up in the Seaport. The answer to that is a resounding yes. The jobs being created in Boston tend to be higher paying and demand is still far outpacing supply. Combine that with households where either both people are working, or older residents who've now made a mint on the houses they bought in the 80's in the 'burbs and can now cash out and buy a luxury condo and you get the feeding frenzy that we're in.

^This

 

[cjbski]

Re: Innovation Dist. / South Boston Seaport

As a hiring manager at a technology company in Kendall Square, I can tell you the lowest salary for an engineer at my company is $71,500. That is for a BS and no work experience. And it goes up every year.

Engineer in Kendall Square. Not the norm for 95% of college grads in the area.

 

[fattony]

Re: Innovation Dist. / South Boston Seaport

Engineer in Kendall Square. Not the norm for 95% of college grads in the area.

Nobody said anything about 95% of the college graduates. The fact is my company has 1100 engineers who all make (considerably) more than $71k. People squawking about how nobody can afford to live in expensive homes are just wrong. There are literally 100's of thousands of people in Metro Boston with 6-figure incomes. We aren't talking about crazy rich people here. They are literally riding the subway and the bus with you.

With respect, you obviously have no idea what kind of salaries people are pulling down in places like Kendall Square, MGH, and Longwood - not to mentioned Back Bay, Downtown, and the Seaport. There are a lot of high paying jobs here.

 

[cadetcarl]

Re: Innovation Dist. / South Boston Seaport

$125k combined income is only about $63k / year each. That's around what a 22-year old college grad would expect to make in his or her first job out of school in Boston in 2018.

Not 22 anymore but not too far from it--plenty of people come out of school making that much I'm sure but I didn't know any. More like owe it. I sure as hell don't. I post on a site called archboston.org, three guesses what I do.

Your larger point stands; I'm just bitter.

 

[jklo]

Re: Innovation Dist. / South Boston Seaport

Nobody said anything about 95% of the college graduates. The fact is my company has 1100 engineers who all make (considerably) more than $71k. People squawking about how nobody can afford to live in expensive homes are just wrong. There are literally 100's of thousands of people in Metro Boston with 6-figure incomes. We aren't talking about crazy rich people here. They are literally riding the subway and the bus with you.

100k isn't going to be getting you into a 3000/month apartment though. Even 2000/month is pushing it. You could certainly get a coworker or two and split it.

 

[Wonk]

Re: Innovation Dist. / South Boston Seaport

The vast majority of buyers at 50 liberty and One Dalton are empty nesters from mostly the western suburbs of Boston.

^This

Anecdotally (FWIW), I am friendly with two couples who are now in Beacon Hill, two in the Back Back Bay, three in the Seaport, and three more singles relatively recently divorced that are also in the Seaport. Going In-Town is the new over 55 community. Again, anecdotal stories do not make good statistics.

 

[SeamusMcFly]

Re: Innovation Dist. / South Boston Seaport

100k isn't going to be getting you into a 3000/month apartment though. Even 2000/month is pushing it. You could certainly get a coworker or two and split it.

Why not? $100k a year means you're taking home $5-6k a month.

That pays the rent easily. No car or insurance. It's def. Doable. Even better with a roomie.

 

[TallIsGood]

Re: Innovation Dist. / South Boston Seaport

The vast majority of buyers at 50 liberty and One Dalton are empty nesters from mostly the western suburbs of Boston.

I agree - but they are renting a lot of the apartments in the Seaport or buying the condos in Southie.

 

[jl326]

Re: Innovation Dist. / South Boston Seaport

https://www.bostonglobe.com/busines...oney-magnet/keC5sjXE546tpvGmGsTVlM/story.html

I guess the globe might be lying:




The only thing the Boston Locals did was give Millennial Group 12 Million in tax breaks. (Hopefully that will help them with their situation in San Francisco with the sinking tower)
Like I said if your going to give tax breaks give them to all developments at this point. It creates Jobs right? Why should anybody take a risk on a dream or a vision. Let the taxpayers build the dream instead at no risk.

Thanks for your advice by the way.

This thread is about Seaport. Millennium is not in the Seaport. It is in downtown crossing. Millennium's sales force opened themselves up to foreign investors to move as many units as early as possible due to the high # of units. Seaport properties did not/have not done this (to date). Marketing had/has been much more localized. Thus, the vast majority of owners are local. Different demographics. Clear, yes?

I never said I cared what the owner does with the units they buy. That's Capitalism-- Real estate goes up and down--
I just responded that the 3 main demographic buyers in the Seaport are in my opinion without no data backup were.
#1 Young Professionals (With Mom & Dad's) Down payment
#2 Foreigner's
#3 Rich People

Then Somebody claimed I have no clue what I'm talking about.

#1. No. You're forgetting hard-working self-made local entrepreneurs, business owners, empty nesters, and "older" professionals. You can either believe it or don't, but it won't change the facts.
Also, I think there was a fairly recent article somewhere that said ~70%(?) of units at 50 Liberty were paid full in cash (no, not investors). Mommy and Daddy are not plunking down 100% for their kiddos.

#2. No. See above.

#3. OK. Well, obviously. They're doing well for themselves. The Earth is also round.

 

[TheRifleman]

Re: Innovation Dist. / South Boston Seaport

This thread is about Seaport. Millennium is not in the Seaport. It is in downtown crossing. Millennium's sales force opened themselves up to foreign investors to move as many units as early as possible due to the high # of units. Seaport properties did not/have not done this (to date). Marketing had/has been much more localized. Thus, the vast majority of owners are local. Different demographics. Clear, yes?

#1. No. You're forgetting hard-working self-made local entrepreneurs, business owners, empty nesters, and "older" professionals. You can either believe it or don't, but it won't change the facts.
Also, I think there was a fairly recent article somewhere that said ~70%(?) of units at 50 Liberty were paid full in cash (no, not investors). Mommy and Daddy are not plunking down 100% for their kiddos.

#2. No. See above.

#3. OK. Well, obviously. They're doing well for themselves. The Earth is also round.

Just curious what is the difference between my general reference between Rich People vs your comment of *self-made local entrepreneurs, business owners, empty nesters, and "older" professionals--

I'm assuming your group has money right?

 

[EdMc]

Re: Innovation Dist. / South Boston Seaport

Another perspective.

Check out this article from USA TODAY, August 15, 2018:

Priced out of the market? Cities where the middle class can no longer afford a home

https://usat.ly/2vKXft1

Boston is listed in the top ten.

“According to the U.S. Department of Housing and Urban Development, families that pay more than 30 percent of their incomes on housing are considered cost burdened.”

This doesn’t include the number of people who can afford the available number of units in the Seaport, of course, I’m just including this article for another perspective on the Boston housing market as a whole since this thread’s conversation presented an opportunity for a tangential view.

(A search for “Boston housing” didn’t give the results I was hoping for).

 

[TheRifleman]

Re: Innovation Dist. / South Boston Seaport

Another perspective.

Check out this article from USA TODAY, August 15, 2018:

Priced out of the market? Cities where the middle class can no longer afford a home

https://usat.ly/2vKXft1

Boston is listed in the top ten.

“According to the U.S. Department of Housing and Urban Development, families that pay more than 30 percent of their incomes on housing are considered cost burdened.”

This doesn’t include the number of people who can afford the available number of units in the Seaport, of course, I’m just including this article for another perspective on the Boston housing market as a whole since this thread’s conversation presented an opportunity for a tangential view.

(A search for “Boston housing” didn’t give the results I was hoping for).

Middleclass cannot afford home. Really? according to Kentxie that Inflation is still low. How is that possible?

Maybe those Middleclass need to develop better skills to afford a 600K starter home in and around Boston.

 

[jl326]

Re: Innovation Dist. / South Boston Seaport

Just curious what is the difference between my general reference between Rich People vs your comment of *self-made local entrepreneurs, business owners, empty nesters, and "older" professionals--

I'm assuming your group has money right?

There isn’t. The difference was in your assumptions on owners/occupants being kiddies w/ mommy and daddy’s money and foreign investors.

 

[shmessy]

Re: Innovation Dist. / South Boston Seaport

Don't assume. I didn't have $1 subsidized and have lived in Boston for several years since graduating.

Of course it's possible. How many roommates?

 

[FenwayResident]

Re: Innovation Dist. / South Boston Seaport

In all fairness, ~$60k is still really optimistic for recent graduates. My wife does quite nicely in her job and has a valuable degree, and she made around $30k when she graduated (we’re in our early 30s).

Entry level business analysts get $55k-65k at my company. We have somewhere in the range of 500-1000 of them in our Boston office. Also, these are run-of-the-mill business/finance graduates from a non-Ivy school, not top-tier graduates. Not to mention that is only one specific job class at my company. There's also legal, investments, and sales jobs that can all make >$60k out of college.

There are a lot more people than you would think making this level of money.