I don’t see a solution to this problem. Land is expensive, housing is expensive, because there’s nowhere to build. Maybe losing population will help lower prices by reducing competition for homes … wait, that sounds crazy.
By Scott S. Greenberger, Boston Globe
Propelled largely by high housing costs, Boston is now the most expensive metropolitan area in the country, outpacing Washington, D.C., San Francisco, and even New York City, according to a report that will be released today.
The report found that last year, a family of four living in the Boston area needed $64,656 to cover its basic needs. This was $6,000 more than in New York City, and about $7,000 more than in San Francisco. Living expenses, which include healthcare, child care, and other basic needs, were $44,000 or less in Austin, Texas; Chicago; Miami; and Raleigh, N.C.
The third annual ”Housing Report Card," produced by the Boston Foundation and the Citizens’ Housing and Planning Association, concludes that even an uptick in housing production could not halt the relentless climb of Greater Boston’s housing prices, which are increasing far more rapidly than are wages.
The result: In 2004, there were only 27 Boston-area communities in which a household whose members made the median income could afford the median-priced home in that city or town.
Complete article: Report rates Boston most expensive city