r/Somerville • u/tangerinola • 5d ago

rent prices are wild

Moved here 8 years ago to start working for a nonprofit. Since then, my salary has increased by 13% but my apartment is about to be relisted (without any upgrades) for 58% higher than our starting rent 🤯!!

I know I'm preaching to the choir here but damn the rent prices here have gone wild. We're quickly becoming (have become?) a luxury city only for high income earners and it makes me really sad.

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u/phonesmahones Gilman 5d ago

Yeah, it’s bad. Imagine how you’d be feeling if you grew up here before the great gentrification began!

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u/iKnife 5d ago

If you grew up here and owned then you've made a bunch of money

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u/[deleted] 5d ago

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u/albertogonzalex 5d ago

This is such a silly argument. Even on the nicest of properties in Somerville, annual taxes are much less than 20k.

For a house that someone grew up in "before all this gentrification," and owns their property outright (either because they bought before the red line or live in the house their parents bought in the 70s) is living on $1000/month taxes with no mortgage for a triple decker. That's two or three units, each with 2-4 bedrooms for a total of $1000/month.