Parking scarcity in Boston means space for cars has become a luxury commodity — in fact, a single parking spot in Beacon Hill sold for $750,000 earlier this year.
Given that context, it’s not surprising that two Massachusetts cities have some of the most valuable garages in the nation, according to a new study from Garage.com. The garage repair company used data from Realtor.com to compare U.S. cities with populations over 100,000 based on garage size and cost.
Cambridge ranked highest, with an average cost of $1,318,306 per parking spot and 1.15 garage spaces per property.
Boston took third place nationwide. Parking spaces in Bean Town cost an average $1,130,277 with just 1.34 spaces per property.
For contrast, Toledo, Ohio features the least-expensive spaces at an average of $101,326 per spot. That’s 13 times cheaper than in Cambridge. Plus, supply is not an issue. Toledo offers 2.27 garage spaces per property.
Scarcity and high property values are the main drivers behind Massachusetts’s high parking premiums, but Bryan Testerman, head of marketing for Garage.com, says there’s more at play.
“The massive cost differences show more than just property values at work,” Testerman said. “Construction styles and regional housing needs play huge roles too. Midwest homes prioritize garage space for brutal winter weather while coastal cities face space restrictions that transform garage parking into luxury items.”
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