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 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 2000 Census reported that Cambridge contains 44,725 housing units, the majority of which are apartments. According to the City of Cambridge Assessor's Office, in 2005, the median value of a single family home was $651,600, a two-family home $669,100 a three-mfaily home $781,100 and a condominium $365,850. Typical monthly rents for a market-rate Cambridge apartment are $1,400 for a one-bedroom and $1,725 for a two-bedroom.
Prices cited are approximate. Rates and availability vary, though generally they are considered to be tight at anytime of year, particularly during the months coinciding with the beginning and end of school terms. The best way to find out about the multitude of housing opportunities and the many diverse neighborhoods of Cambridge is to utilize the services of a registered real estate agent.
Residential property taxes account for approximately one-third of Cambridge's tax base, with commercial property taxes making up the additional two-thirds. The Fiscal Year 2007 residential tax rate in Cambridge is $7.48 per $1,000 of assessed value.
Cambridge Neighborhoods
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