Boston is the capital city and most populous municipality of the Commonwealth of Massachusetts in the United States. The city proper covers 48 square miles (124 km2) with an estimated population of 687,584 in 2017, making it also the most populous city in the New England region of the northeastern United States. Boston is the seat of Suffolk County as well, although the county government was disbanded on July 1, 1999. The city is the economic and cultural anchor of a substantially larger metropolitan area known as Greater Boston, a metropolitan statistical area (MSA) home to a census-estimated 4.8 million people in 2016 and ranking as the tenth-largest such area in the country. As a combined statistical area (CSA), this wider commuting region is home to some 8.2 million people, making it the sixth-largest in the United States.
Boston is one of the oldest cities in the United States, founded on the Shawmut Peninsula in 1630 by Puritan settlers from England. It was the scene of several key events of the American Revolution, such as the Boston Massacre, the Boston Tea Party, the Battle of Bunker Hill, and the Siege of Boston. Upon U.S. independence from Great Britain, it continued to be an important port and manufacturing hub as well as a center for education and culture. The city has expanded beyond the original peninsula through land reclamation and municipal annexation. Its rich history attracts many tourists, with Faneuil Hall alone drawing more than 20 million visitors per year. Boston's many firsts include the United States' first public school (Boston Latin School, 1635), first subway system (Tremont Street Subway, 1897), and first public park (Boston Common, 1634).
The Boston area's many colleges and universities make it an international center of higher education, including law, medicine, engineering, and business, and the city is considered to be a world leader in innovation and entrepreneurship, with nearly 2,000 start-ups. Boston's economic base also includes finance, professional and business services, biotechnology, information technology, and government activities. Households in the city claim the highest average rate of philanthropy in the United States; businesses and institutions rank among the top in the country for environmental sustainability and investment. The city has one of the highest costs of living in the United States as it has undergone gentrification, though it remains high on world livability rankings.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Boston-Cambridge-Newton, MA-NH, Massachusetts. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!
The national average total real estate commission in 2015 was 5.26% *
In Boston, Cambridge, Newton, Massachusetts, you will find the following real estate commissions charged*:
Typical Asking Commission: 6.0%
Competitive Commission: 5.0%-5.5%%
Very Competitive Commission: 4.5%-4.99%
The median existing single-family home price in the Northeast rose 3.2%, to $282,300, in the second quarter of 2017 compared to the the second quarter of 2016. Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:
In the State of Massachusetts, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home. In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).
In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent. Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”. This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client. This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).
When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.
At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business. These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm. This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in Massachusetts.
Sellers who are also buying a home in the same local market have a volume discount advantage. ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home. Be sure to check the box that you are also buying a home locally to receive these better rates.
Click here to see your savings in just 24 hours…
In 2016, Boston was estimated to have 673,184 residents (a density of 13,841 persons/sq mile, or 5,344/km2) living in 272,481 housing units a 9% population increase over 2010. The city is the third most densely populated large U.S. city of over half a million residents. Some 1.2 million persons may be within Boston's boundaries during work hours, and as many as 2 million during special events. This fluctuation of people is caused by hundreds of thousands of suburban residents who travel to the city for work, education, health care, and special events.
In the city, the population was spread out with 21.9% at age 19 and under, 14.3% from 20 to 24, 33.2% from 25 to 44, 20.4% from 45 to 64, and 10.1% who were 65 years of age or older. The median age was 30.8 years. For every 100 females, there were 92.0 males. For every 100 females age 18 and over, there were 89.9 males. There were 252,699 households, of which 20.4% had children under the age of 18 living in them, 25.5% were married couples living together, 16.3% had a female householder with no husband present, and 54.0% were non-families. 37.1% of all households were made up of individuals and 9.0% had someone living alone who was 65 years of age or older. The average household size was 2.26 and the average family size was 3.08. Boston has one of the largest LGBT populations in the United States.
The median household income in Boston was $51,739, while the median income for a family was $61,035. Full-time year-round male workers had a median income of $52,544 versus $46,540 for full-time year-round female workers. The per capita income for the city was $33,158. 21.4% of the population and 16.0% of families are below the poverty line. Of the total population, 28.8% of those under the age of 18 and 20.4% of those 65 and older were living below the poverty line.
In 1950, Whites represented 94.7% of Boston's population. From the 1950s to the end of the 20th century, the proportion of non-Hispanic whites in the city declined; in 2000, non-Hispanic whites made up 49.5% of the city's population, making the city majority-minority for the first time. However, in the 21st century, the city has experienced significant gentrification, in which affluent whites have moved into formerly non-white areas. In 2006, the US Census Bureau estimated that non-Hispanic whites again formed a slight majority. But as of 2010, in part due to the housing crash, as well as increased efforts to make more affordable housing more available, the non-white population has rebounded. This may also have to do with increased Latin American and Asian populations and more clarity surrounding US Census statistics, which indicate a non-Hispanic white population of 47 percent (some reports give slightly lower figures).
|White (includes White Hispanics)||62.1%||62.8%||81.8%||96.7%|
|Two or more races||3.1%||–||–||–|
|Hispanic or Latino (of any race)||22.1%||10.8%||2.8%||0.1%|
People of Irish descent form the largest single ethnic group in the city, making up 15.8% of the population, followed by Italians, accounting for 8.3% of the population. People of West Indian and Caribbean ancestry are another sizable group, at 6.0%, about half of whom are of Haitian ancestry. Over 27,000 Chinese Americans made their home in Boston city proper in 2013, and the city hosts a growing Chinatown accommodating heavily traveled Chinese-owned bus lines to and from Chinatown, Manhattan in New York City. Some neighborhoods, such as Dorchester, have received an influx of people of Vietnamese ancestry in recent decades. Neighborhoods such as Jamaica Plain and Roslindale have experienced a growing number of Dominican Americans. The city and greater area also has a growing immigrant population of South Asians, including the tenth-largest Indian population in the country.
The city, especially the East Boston neighborhood, has a significant Hispanic population. In 2010, Hispanics in Boston were mostly of Puerto Rican (30,506 or 4.9% of total city population), Dominican (25,648 or 4.2% of total city population), Salvadoran (10,850 or 1.8% of city population), Colombian (6,649 or 1.1% of total city population), Mexican (5,961 or 1.0% of total city population), and Guatemalan (4,451 or 0.7% of total city population) ethnic origin. Hispanics of all national origins totaled 107,917 in 2010. In Greater Boston, these numbers grew significantly, with Puerto Ricans numbering 175,000+, Dominicans 95,000+, Salvadorans 40,000+, Guatemalans 31,000+, Mexicans 25,000+, and Colombians numbering 22,000+.
A global city, Boston is placed among the top 30 most economically powerful cities in the world. Encompassing $363 billion, the Greater Boston metropolitan area has the sixth-largest economy in the country and 12th-largest in the world.
Boston's colleges and universities exert a significant impact on the regional economy. Boston attracts more than 350,000 college students from around the world, who contribute more than US$4.8 billion annually to the city's economy. The area's schools are major employers and attract industries to the city and surrounding region. The city is home to a number of technology companies and is a hub for biotechnology, with the Milken Institute rating Boston as the top life sciences cluster in the country. Boston receives the highest absolute amount of annual funding from the National Institutes of Health of all cities in the United States.
The city is considered highly innovative for a variety of reasons, including the presence of academia, access to venture capital, and the presence of many high-tech companies. The Route 128 corridor and Greater Boston continue to be a major center for venture capital investment, and high technology remains an important sector.
Tourism also composes a large part of Boston's economy, with 21.2 million domestic and international visitors spending $8.3 billion in 2011; excluding visitors from Canada and Mexico, over 1.4 million international tourists visited Boston in 2014, with those from China and the United Kingdom leading the list. Boston's status as a state capital as well as the regional home of federal agencies has rendered law and government to be another major component of the city's economy. The city is a major seaport along the East Coast of the United States and the oldest continuously operated industrial and fishing port in the Western Hemisphere.
The financial services industry is important to Boston, especially involving mutual funds and insurance. In the 2017 Global Financial Centres Index, Boston was ranked as having the ninth most competitive financial center in the world and the fourth most competitive in the United States. Boston-based Fidelity Investments helped popularize the mutual fund in the 1980s and has made Boston one of the top financial centers in the United States. The city is home to the headquarters of Santander Bank, and Boston is a center for venture capital firms. State Street Corporation, which specializes in asset management and custody services, is based in the city. Boston is a printing and publishing center—Houghton Mifflin Harcourt is headquartered within the city, along with Bedford-St. Martin's Press and Beacon Press. Pearson PLC publishing units also employ several hundred people in Boston. The city is home to three major convention centers—the Hynes Convention Center in the Back Bay, and the Seaport World Trade Center and Boston Convention and Exhibition Center on the South Boston waterfront. The General Electric Corporation announced in January 2016 its decision to move the company's global headquarters to the Seaport District in Boston, from Fairfield, Connecticut, citing factors including Boston's preeminence in the realm of higher education. Boston is home to the headquarters of several major athletic and footwear companies including Converse, New Balance, and Reebok. Rockport, PUMA and Wolverine World Wide, Inc. headquarters or regional offices are located just outside the city.