What’s happening in the Greater Boston housing market?

Each year, the Dukakis Center dives into data and determines what is happening in the Greater Boston housing market and why. “The Greater Boston Housing Report Card 2015” provides an overview of the current state of the greater Boston economy, population growth and housing production, home sales and prices, rents, foreclosures, and the cost of new housing development.
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Key Findings

 

  • Stagnant or falling real incomes, combined with rising rents and house prices, have significantly increased the share of households in the Greater Boston area facing substantial housing cost burdens. The severity of that burden has increased as well.
  • Today, in 2015, the median price of a Greater Boston condo is essentially the same as the median price of a single-family home in the region. This is a startling change in the housing market suggesting just how much demand has changed from single-family homes to condominiums as baby boom empty nesters seek out smaller housing units and young millennials without children who can afford to buy are purchasing condos rather than single-family homes.
  • The increase in total development costs alone since the early part of the last decade has added roughly $210/month to the rent of a 1,000-square-foot apartment in Boston. In the suburbs, the impact is even greater with an increase of more than $400/month.
  • We need to provide affordable housing for more of our residents and we need help to reduce the cost of producing it.

 

Read the full report here.

 

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