Couple stories in today’s Herald that may be of interest to you.
First, further analysis of Harvardâ€™s Joint Center for Housing Studies annual “State of the Nation’s Housing” report finds that “a median Hub-area home sold for 5.9 times local median household income last year. Thatâ€™s up from 3.2 times median income in 1994, as well as about two times median income in the 1950s.”
The good news?
According to one of the study’s researchers, the lack of excess construction means prices in Bostonâ€™s jittery housing market arenâ€™t likely to collapse.
â€œWhile there clearly will be a softening and flattening (of Greater Boston house prices), itâ€™s unlikely there will be steep falls in the single-family market.”
However, he conceded that the Hubâ€™s condo sector – which has seen lots of construction in recent years – â€œmay be oversupplied.â€?
Also in the news, Nantucket and Martha’s Vineyard voters have approved a non-binding referendum to charge Nantucket and Marthaâ€™s Vineyard home sellers a tax equal to 2 percent of a propertyâ€™s sale price. However, officials would exempt the first $2 million on Nantucket homes, as well as the first $750,000 on Marthaâ€™s Vineyard residences.
Proponents say the measure will raise some $2 million a year for affordable housing on Marthaâ€™s Vineyard and $4 million annually on Nantucket.
The proposal goes to the State House, where it is expected to meet stiff opposition.
Sources: Study: Homes less affordable — Numbers worst ever – By Jerry Kronenberg, The Boston Herald
Islanders lobby for home-sale taxation – By Jerry Kronenberg, The Boston Herald