Breaking News: Real estate is expensive
Boston Condos for Sale Search
Breaking News: Real estate is expensive
99% of local homes are too pricey for the typical Bostonian
In 28 cities across the nation, the typical local family can afford less than 1% of for-sale properties. Among them: Boston.
According to U.S. Bank, an “affordable” housing payment costs no more than 28% of household income. Based on that metric, a recent NetCredit study analyzed listings from the country’s largest cities to determine where residents can reasonably afford local homes. NetCredit compared each city’s median household income against the home prices found on Zillow.
In nine markets, the median household could afford 0% of local properties. Those included, in California, Fremont, Long Beach, Oakland, San Jose and Santa Ana. Also, Portland, Maine; Newark, N.J.; Providence, R.I.; and Burlington, Vermont. In Boston, the median household can comfortably afford just 0.28% of local properties.
Meanwhile, the 10 most affordable markets to locals were Toledo, Ohio (the median household could afford 53% of properties there); Detroit (52.96%); Charleston, West Virginia (49.73%); Jackson, Mississippi (49.68); Baltimore (32.14%); Cleveland (30.97%); St. Louis (30.77%); Memphis, Tennessee (30.15%); Kansas City, Kansas (25.60%); and Little Rock, Arkansas (25.52%).
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Ford Realty Inc., Boston Real Estate for Sale
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Updated: Boston Real Estate 2000 – 2025
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Byline – John Ford – Boston Seaport Condo Broker.
Ford Realty Beacon Hill – Condo for Sale Office
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Breaking News: Real estate is expensive
This just in from the National Association of Realtors for July: “Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 500,000 units in July, down 9.1% from June and down 29.6% from one year ago” “The median existing condo price was $345,000 in July, an annual increase of 9.9%.” Single Family homes were up 10.6% for the same period.
Source: NAR
Boston Real Estate Blog
From the Wire, this morning:
The current housing slowdown is different from previous cooling markets because it comes at a time when the economy is otherwise doing well, economists say.
Buyers are backing off – not because of a poor job market or high interest rates – but because the housing stock is out of their price range.
But with interest rates still relatively low and credit available, home buyers are starting to dip their toes back into the market, some economist say. And that could help mop up excess supply.
Up tomorrow: During winter, it’s cold.
Source: Home Prices Just Too High for Many Buyers – By Mark Trumbull, Christian Science Monitor, by way of Realtor.org
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Updated: 2025
