The Cheapest Houses in Cambridge, Massachusetts: Realities and Expectations
Cambridge, Massachusetts, while a vibrant and culturally rich city, presents a unique challenge when it comes to affordable housing. The search for the "cheapest house" often leads to a mix of hopes and realities, with much of the available stock falling far short of the expectations.
The Market Overview
According to the Assessor’s database, there are a dozen single-family free-standing houses assessed at under $200,000, and even a three-family house with 3,000 interior square feet assessed at a similar amount. However, these houses are not situated in prime neighborhoods, are not in good condition, and are non-conforming structures. Teardowns and rebuilds are not feasible without significant governmental approval, making these properties less than desirable for many homebuyers.
A Closer Look at the Market
In the current market, there are zero free-standing houses listed for sale for under $1,000,000, which is a more realistic estimate of the “cheapest house in Cambridge.” The typical free-standing house ranges from $400,000 to $600,000, reflecting the city's growing real estate market. Condos offer a more affordable alternative, but they also come with their own challenges.
The cheapest condo currently on the market is a small one-bedroom unit starting at around $395,000, with a 288 square foot living space and a monthly condo fee of $228. This type of property, while affordable, may lack the comforts and lifestyle amenities that many potential buyers are seeking.
There are more typical condos available, starting at $500,000 to $700,000. These properties, while more expensive, offer a better mix of value and convenience, with amenities and larger living spaces.
Regulatory Considerations
The difficulty in finding a cheap house in Cambridge is not due to "bureaucracy" in the traditional sense. The local citizen review boards, which are responsible for the approval of projects such as teardowns and rebuilds, are governed by neighbor feedback and community input. These boards hear the opinions of the local residents, ensuring that the proposed changes align with the neighborhood's character and requirements.
The approval process can be lengthy and complex, often requiring multiple rounds of review and public comment periods. This ensures that the changes to property structures and the overall neighborhood are thoroughly considered and agreeable to all parties involved.
Conclusion
The search for the cheapest house in Cambridge, Massachusetts, often yields results that are less than ideal. Free-standing houses at under $200,000 exist but come with significant drawbacks, and the realistic range for a single-family home is $400,000 to $700,000. If you're looking for a more affordable option, the market offers small one-bedroom condos starting at $395,000, though these units are limited in size and amenities.
Understanding the realities of the local housing market, including the current listings, regulatory processes, and community input, can help potential buyers make informed decisions. While finding the absolute cheapest house may not be within reach, the search can lead to discovering a home that balances affordability with meeting your needs and preferences.