Recent Immigrant Community Plays a Strong Role in East Boston’s Revitalization

East Boston has changed considerably over the last 25 years. In the mid 1980s, East Boston was still suffering from the departure of most small businesses and middle class families who moved to the suburbs. Urban gentrification that was budding in areas such as the North End and the South End did not reach this side of the harbor. There were many vacant apartments and storefronts; subway stations were underused and in poor condition; many landlords told horror stories of poor quality tenants. And property values and rents were extremely low.

East Boston’s most recent immigrant population started growing in the late 1980s. By the mid 1990s, like today, most small businesses and most multi-family properties were being purchased by recent immigrants. The average triple-decker price might have been $75,000 in the 1980s; today it is close to $350,000. Apartments that once rented for $300 or $500 now rent for close to $1,000 a month. Similarly, the “corner store” and other neighborhood businesses were blocked up and vacant in the late 1980s. Today, immigrants have revitalized much of the small business scene in East Boston.

While the recent immigrant population is not East Boston’s only community (we have a vibrant long standing community in East Boston and a growing young professional community), it is important to note the positive role recent immigrants have played in East Boston’s housing demand and vibrant small business community. They have made a hefty contribution to East Boston’s strong property values, both on the residential as well as the commercial side.

Please check back as we continue to update you on East Boston real estate happenings.  To see all our listings, or to search MLS properties, head to the Tony’s Realty Website.

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