Boston is getting wicked expensive

Boston Back BayWhile it is no secret that Boston is an expensive city to live in as compared to most of the United States, Boston Magazine article “Boston Is Getting Really Expensive” highlights just how expensive.

Boston’s cost of living is 39.7% above the U.S. average, with groceries and healthcare running 26% above average, while median household income remains on par with the rest of the country. According to the article more than 1/3 of the city’s homeowners work 4 months or more each year just to pay for housing.

Boston’s condo costs range dramatically, depending on location. Hover over each neighborhood below to see costs per square foot in 2015.
—By Neighborhood X and Mary Catharine Witt

PROPRIETARY ANALYSIS OF CLOSED MARKET RATE TRANSACTIONS. ANALYSIS EXCLUDES AFFORDABLE AND RESTRICTED HOUSING UNITS AND FORECLOSURES.

The Boston Magazine article correctly pointed out that in the long run Boston will lose if more is not done to make the city more affordable. Our political, business and community leaders need to stop thinking small and learn to act more boldly. As Boston launches its major planning effort, a.k.a. “Imagine Boston 2030”, regional planning must drive the discussion.

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