Massachusetts Home Buyer Guide

If Boston renters needed one more reason to make buying a home their New Year's resolution, landlord's happily provided it. Boston area rents jumped 7 percent to an average $2,245 in November compared to November 2014, the Boston Business Journal reported December 31, 2015. Zillow, a real estate data company, revealed the rental information in a new report on December 30, 2015.

Boston is now home to the nation's sixth-highest rents. Boston renters paid in total $13.4 billion in rent in 2015, Zillow reported.

Average rents nationally rose nearly 4 percent in November to $1,382. The most significant increase took place in San Jose, CA, with its average rent at $3,416. San Francisco's average rent was $3,325 in November.

American's paid a total of $535 billion in rent in 2015. In 2014, renters spent $516 billion on rent. Renters nationwide paid almost $20 billion more than in 2014, due to 1.8 million new renter households and increased rents.

"American’s 2015 rental expenditures were roughly comparable to the total budget of the Department of Defense ($575 billion) and almost five times what Americans spent on dental care in 2014," according to Zillow. "Using his entire net worth – estimated by the 2015 Forbes 400 at $47 billion – Amazon.com CEO Jeff Bezos could have paid roughly one month’s rent for every American renter in 2015." 

On the other hand, it's good news if you're a Greater Boston homeowner. Homes in the Boston area gained $33 billion in total value in 2015, a 5.5 percent increase. Boston home values increased 5.4 percent in November.