Wednesday, April 10, 2019

How Does Boston Rank in Terms of Affordability for Home Buyers?

Boston has consistently ranked as one of the most expensive cities to rent a home in the United States, so how does the city rank in terms of affordability for prospective home-buyers? According to a newly published report from RealtyHop, Boston is still ranking high in terms of affordability. The listings and research site analyzed data on property prices and taxes as well as median household income, and then compared the 100 most populated U.S cities. According to their research, Boston ranked as the eighth least affordable city in the United States for buying a home.

According to the RealtyHop study, buyers in Boston have to spend 56.34 of their monthly income on home-ownership. That is one of the highest shares in the eastern United States. California cities accounted for half of the 10 least affordable cities. Los Angeles ranked as the number one most expensive city for home-ownership, followed by Miami, New York, San Francisco, Oakland, Jersey, Irvine, and Boston. The median household income in Boston is listed at $62,021, while the median home price is $625,000.

Boston ranking high in terms of affordability is no surprise. Thus, the increased legal efforts to bring down or freeze housing costs to make buying and renting in Boston more accessible will most likely continue to grow.

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