Housing
Competition for housing is stiff in the 6.5 square miles of the City of Cambridge, although well worth the investment. The average Cambridge dwelling unit has increased steadily in value in all parts of the city over the last ten years. Housing options vary greatly, from Colonial mansions and town houses to apartment flats, duplex condos and riverfront high rises. Altogether, the housing market is lively, with sale prices, as well as rental rates, that rival the fastest growing of any metropolitan area in the country.
The latest Census report indicates that Cambridge contains 44,725 housing units, the majority of which are apartments. The median market rate sales price of a single-family home is approximately $525,000; for a two-family $475,000; for a three-family $550,000 and for a condominium $300,000. According to a recent survey of realtors, typical monthly rents for market rate Cambridge apartments are $1,383 for a one bedroom unit, $1,817 for a two bedroom unit and $2,400 for a three bedroom unit.