Thoughts on Framingham?

Question

I lived in Framingham for a few years when I was really young, and even after moving I still spent quite a bit of time in the town. I picture its location, and I can only picture that it has enormous potential.

You have easy access to the Pike from multiple parts and subsequently commutability to both the I-495 and 128 technology belts, a commuter rail station to Boston, a growing public university, vibrant shopping at route 9, a bunch of relatively new reputable breweries, etc. It is also very close to wealthy suburbs like Wellesley, Natick, Sudbury and Wayland. Albeit to a lesser extent, it reminds me of Waltham: for a long time a rough and dirty city positioned perfectly and surrounded by Boston Brahmin towns.

Yet...property values are still low, rents are low, and it still has a reputation for being a rough now-city to live in. I'm someone interested in multi-families, so the northern half of SFHs north of route 9 doesn't interest me nearly as much as the center. I can't seem to find longitudinal crime data or property data, but what are your thoughts on it? Is this a city with untapped potential as people get priced out of inside 128, or is it too far from Boston and too suburban to move much from its current status?

Steeve Breton · Answer

@Ryan Hebert Alexandra's post is right on. I've lived in Natick for 18 years. Prices here have skyrocketed since then but certainly over the last 5 years. Framingham is surrounded by great towns and by no means too far from Boston. Just over 1 hour commute by car most days and the train is very reliable. Metrowest in general is also very desirable. Framingham jobs and population growth support the increasing rents. I was also speaking to the Framingham fire inspector and building inspector last week and they shared lots of info on new developments going in downtown.

I own 6 units in Framingham. Recently sold some in Framingham and already regret it. Many investors here feel like Framingham is going to pop one day and prices will soar. I like the cash flow and will take the appreciation as icing on the cake one day.

I own 6 units in Framingham.  Recently sold some in Framingham and already regret it.  Many investors here feel like Framingham is going to pop one day and prices will soar.  I like the cash flow and will take the appreciation as icing on the cake one day.

Alexandra Page · Answer

Hi Ryan,

I think if you look at Framingham over the past 6 mos. you'll notice quick days to offer, plenty of homes selling over asking & overall briskness in the market.  Natick has become cost prohibitive over the past 5 years.  Anecdotally, this has been very surprising to some people who previously associated Natick with the mall & not much else.  I am anticipating the migration patterns to continue west.  I don't think it's too far for Boston, as you menitoned, there's still a commuter rail stop in Framingham, but also Ashland, Southborough, etc.  Plenty of people choose these communities for still having decent access to the pike & the amenity of the commuter rail while being less expensive, particularly for entry level housing.

There's plenty of untapped potential but I would check in with the FPD for local crime data for specific areas like Framingham Center, where they still have a lot of loitering, visibly under the influence people on the street, blight, etc.   Multi-family inventory is low because rents are actually rather high, if you figure that $900/mo (the lowest rent posted in MLS over the past 6 mos.) is what was required to lease a 271 SF condo.

Good luck!

Bud Gaffney · Answer

I think I will invest in Framingham in the near future as well. It seems to have properties that are cash flowing, unlike a lot of other areas in Mass!

Bud Gaffney · Answer

I think there is tremendous upside!

Christopher Kolasa · Answer

Hey all, crazy to read all these posts from 2017 and to see how far the world has turned since these posts. I am actively looking in Framingham and Metrowest now and post COVID, the prices have surely popped since the conclusion of this thread. Life circumstances and increase in family size, have now have me searching for a 4/2 property for myself (working in South Boston so off I-90) but the numbers are just so dang difficult unless I find that wrapped into a Multi which happens to be a rare ticket to cash, although I know they're out there.

Prices as they are, high and likely getting higher, interest rates likely to tick up some, supply tight as ever, heavy competition on the good stuff, can someone lend some advice for how to find a property? Little to no meat on the bone left at the end of the month if I buy a $600k SF home for myself, with big $125k downpayment and $3000-$3500/month obligations. Feeling very overextended yet that's probably the minimum entry to get a 4/2 that's not a hot mess. Tough times for prospective home owners .. I believe everyone is feeling that uncertainty of tomorrow and fickleness of the financial markets as cracks are being seen by everyone, how does one navigate? I am trying to stay patient but it's really hard living in an extremely undersized 2/1! Anyone got a lead out there? Cheers

@Ryan Hebert @Steve Bracero @Alexandra Page @Steeve Breton

Ryan Hebert · Answer

Thanks everyone! Availability seems light at the moment, but I'll keep my eye on the MLS and keep Framingham on my radar.

Steve Bracero · Answer

@Ryan Hebert

I believe there are 9 elementary schools in Framingham. Some locations are far better then others. Take a look at great schools.org to see which schools perform better than others.

For Crime, look at neighborhood scout and city-data

It looks like right now there are 2 multi's on the market

Thoughts on Framingham?

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