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Examining Boston's Housing Crisis Challenges

Jan 12, 2025

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.