Boston named 7th most unaffordable housing market in North America by Point2Homes

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”.

boston real estate

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.

One response to “Boston named 7th most unaffordable housing market in North America by Point2Homes

  1. It is a sad fact. Boston has very little low income housing for the elderly or disabled. The current “affordable” housing market is not affordable for a majority of city residents.

    Mayor Walsh needs to get on the stick and push for more low to moderate income housing with processes streamlined so projects do. Not take forever to get approved and another forever to be built.

    Serious consideration should also be given to reinstating some form of rent control.

    Like

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