Boston was named the seventh least affordable housing market in North America recently by real estate search portal Point2 Homes, which looked at affordability ratios across North America.
Point2 Homes divided Boston’s median home sale price, $610,000, by its median annual family income, $61,176, to arrive at an affordability ratio of 10. An affordability ratio of 5.1 or greater is considered “severely unaffordable”.
Unsurprisingly, the ten most unaffordable markets were all cities in the Northeast and the West coast, but what did surprise me was seeing Vancouver topping the list with a ratio of 17.3, surpassing San Francisco and Manhattan.
Mayor Marty Walsh was just re-elected to office as Mayor of Boston. I hope that in his second term he can work with developers to create more affordable housing. Boston has long been considered a very expensive city to live in and it would be to our advantage to shed that reputation or at the very least find a way to drop out of the top 10.
You can see the full listing of all 50 markets in North America to see where / how where you lived was ranked: Housing Affordability by Market in North America.