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Why Roommate Living is Popular in Boston

A Large Number of Universities and Colleges in Boston

Today, Boston has 52 local colleges and universities, making it the most populous city with undergraduates. Four of them are junior colleges, eight research universities, fifteen colleges offering masters and baccalaureate degrees, and twenty-two special-focus institutions. Forty-nine of those institutions are non-profit organizations, and three are profit-making schools. As at 2007, enrollment at the universities and colleges ranged from 108 to 32,053 students every year.

Additionally, college consolidations have become increasingly popular in Boston in a bid to reduce the financial costs, boost enrollments, enhance their reach, and take advantage of real estate opportunities that come with the mergers. Note that real-estate prices have increased over the years and land in the city is limited; it makes school properties incredibly attractive to any commercial developer. Wheelock College, a 1000 educational institute founded in 1888, announced its plans to merge with Boston University. This announcement was made a year after Boston Conservatory, and Berklee College of Music merged. For struggling colleges, a consolidation helps preserve particular programs while providing students with a soft landing in a bigger, better-funded college.

Increasing Rent Rates

Boston rent rates are soaring every day. According to Lowell and Lowell real estate, the prices increased by 26% between 2009 and 2014. As such, more than half of Boston residents are over-burdened, spending more than 30 percent of their income on rent while a quarter spends more than half of their earnings on housing. On average, one-bedroom houses and studios cost $2,105 a month. It means that a typical resident has to earn $85,000 or more to live alone in such dwellings. A median household resident that includes two-income households earns $53,601 as reported by a recent Census data. Even with such meager incomes, up to 37% of Boston residents live alone, and only 17 percent comprise of unrelated roommates.

Benefits of Living with a Roommate

With the rent rates soaring by the day, most young professionals are left with little to save or invest in choice investment. As such, living with a roommate has become an incredibly popular way of saving while sharing costs associated with utility bills and rent, among others. Here are other benefits of roommate living in Boston: