Business Week is out with a new study, comparing home prices across the United States (30 major metro areas), and Boston comes out looking good, relatively.
Home prices increased 68% over the past five years, 2000 – 2005, which put us 14th out of 30th in appreciation, according to their data.
Boston is in the bottom third, in affordability (I think this compares home costs to median income), and we totally sucked in job creation over the past five years (we’ve had a loss of 5% of our jobs), and, this might be telling, a drop of 6% in the number of single-family housing permits issued.
One good note, we are very low in the number of properties bought as investments (only 7% of purchases (bottom 8 of 30).
Overall, we come out looking pretty good. Five of the thirty metropolitan areas are considered “underpriced” (go Houston! San Antonio! Dallas!) Of the remaining 24 areas, we’re fourth lowest considered “overpriced”.
Complete details: How Strong Is The Housing Market Where You Live? – Business Week