$41 per month. This is the average additional amount that Eversource gas customers in the Boston area will have to pay this winter. Eversource has requested a rate increase of about 13 percent, and National Grid has also submitted a proposal for a 3.8 percent increase. For retirees living in older wooden homes, this number may not sound like just a statistic.

Let's start with the housing prices in the Greater Boston area. As of July 2025, the median price for single-family homes in the Greater Boston area has surpassed $1 million, while the median price for condos during the same period is around $725,000. In the North Shore area, condos are trading for $200,000 to $350,000 less than similar single-family homes. What this means is simple: if you have the same budget, moving to a condo could leave you with over $200,000 in hand.

We also need to consider the monthly HOA fees. The median HOA fee for condos in the Boston area is $386 per month. As older buildings tend to have stricter reserve fund requirements, there is a possibility that HOA fees may increase. Nevertheless, compared to the oil heating costs and frequent exterior maintenance expenses of an aging single-family home, the fixed management costs of a condo often feel like a more predictable expense.

Property taxes are another item to consider. Boston applies a residential exemption of $3,656 for homeowners who occupy their homes, based on the 2026 fiscal year. If you are over 65, you can also apply for the Clause 41C senior exemption, but the income limits for the 2026 fiscal year are relatively low, at $25,980 for individuals and $38,970 for couples. For households exceeding these limits, it may be more realistic to look into the Senior Circuit Breaker Tax Credit offered by the state of Massachusetts. If the combined total of property taxes and water bills exceeds 10 percent of your income, you can receive a refund of up to $2,820, with the income limits for 2025 set at $75,000 for individuals and $112,000 for couples filing jointly.

In summary, when maintaining a single-family home, you get to keep the full appreciation in value, but you must bear the fluctuations in heating and maintenance costs. If you move to a condo, you can pocket the difference but will have to pay a fixed monthly HOA fee. Those who want to make their cash flow more predictable after retirement tend to lean towards condos, while those who want to maintain their asset size may prefer single-family homes.

You also need to factor in insurance costs. Older wooden homes in New England often have outdated plumbing and electrical wiring, leading to higher insurance premiums compared to new constructions. Condos have a master insurance policy for the building's exterior and common structures, so the insurance you purchase individually typically covers only your personal belongings. However, keep in mind that this cost is ultimately included in the HOA fees. The first few years after retirement are particularly crucial for cash flow predictions, so it is advisable to distinguish between fixed monthly expenses and unexpected costs.

This winter, some who were shocked by their gas bills ended up touring several condos. While the difference in sale prices was important, many expressed a greater desire to escape the worry of potentially needing to replace their oil heating boiler in the coming years. For those seeking predictable expenses in retirement, this psychological comfort can be just as important a criterion as the numbers.

Property tax and exemption criteria change annually, so be sure to check the current year's standards before applying. School district boundaries also change frequently, so it's wise to verify assigned schools before making a purchase. This article is not investment or legal advice, and it is recommended to consult a professional before entering into any contracts.