Beyond the Gilded Gate: Boston Housing Crisis

Overview

• A Boston Globe Spotlight Report on Massachusetts housing crisis
• Focuses on affordability challenges in the Boston area
• Explores economic and social implications for diverse communities

Rising Home Prices

• Single-family homes:
  • US home prices have risen 6x since 1980
  • Massachusetts prices increased 11x, surpassing other expensive states like NY, WA, CA, HI
  • Data by Federal Housing Finance Agency

Household Income vs. Home Prices

• Massachusetts:
  • Median household income rose from $32,240 in 1987 to $93,550 in 2022 (+190%)
  • Home prices increased by 295% from 1987 to 2023
  • Significant affordability gap for both single-family homes and condos

Affordability Challenges in Greater Boston

• Boston Metro:
  • Median household income: $104,000
  • Needed income to afford typical home: $300,000
  • Median home price in Greater Boston: $910,000

Disparities Among Demographics

• Black and Latino households:
  • Less likely to own homes compared to white households
  • Disproportionately cost-burdened

Vacancy Rates and Housing Supply

• Boston metro has one of the nation's lowest homeowner vacancy rates
• Inadequate housing supply to meet demand
• Boston issued fewer housing permits compared to metros like Austin

Housing Permits

• Boston Metro: 29.9 permits per 1,000 people
• Austin Metro: 142.6 permits per 1,000 people
• Indicates lower rate of new residential building in Boston

Challenges and Solutions

• Lack of consensus and will to address housing crisis
• Bold solutions required but not universally supported

Additional Report Sections

• Milton: Impact of home prices on prosperity
• Generations: Family challenges and homeownership dreams
• Luxury Towers: Wealth concentration in Boston
• Brookline: Community identity issues
• Single-family Zoning: Reimagining the American dream
• Renters: Rent control and tenant challenges
• Construction Costs: High costs and potential solutions

Report Team

• Reporters, editors, photographers, and other contributors listed
• Data analysis by Daigo Fujiwara

Conclusion

• The Boston housing crisis requires bold solutions and collective will to address significant affordability and supply challenges.