Can you afford Massachusetts housing?

Boston Condos for Sale and Apartments for Rent


Can you afford Massachusetts housing?

Well lets start of with the good news, MA home sale prices are declining, but not by much. Bad news its still very expensive for first-time homebuyers to afford to live in our state.

Are home prices dropping in Massachusetts?

The Warren Group, a leading provider of real estate and transaction data, announced Tuesday that the average price for a single-family home has fallen to $553,000, which is down 1.2 percent from April 2022 when the average price was about $560,000.
Boston condos for sale

Updated: Boston Real Estate Blog 2023


Competition for Boston condos for sale has driven up home prices to record levels, not only in downtown Boston, but across all of Massachusetts. Some of the biggest gains have happened in communities where residents can least afford to pay more.

It’s not hard to find people who want to live and work in Massachusetts. Social media sites are filled with threads from people who are excited about job opportunities, schools and health care in the state. The problem, some people say, is affording to live here.

How much does it cost to live in Massachusetts?

The average fair market rent in Massachusetts is nearly 50% higher than the national average — costing $1,608 for a one-bedroom and $1,975 for a two-bedroom in the Bay State, according to the National Low Income Housing Coalition’s 2022 Out of Reach Report. And in cities like Boston, rents are considerably higher. Some residents have even found themselves in bidding wars over apartments in the city.

Boston just took the number six spot on Redfin’s list of cities people are leaving due to a lack of affordability (the usual suspects make up the top of that list: San Francisco, Los Angeles and New York). It’s another warning shot that the high cost of housing could hurt the long-term economic competitiveness of Massachusetts.

Is Boston losing residents because of high housing costs?

Massachusetts’ population grew by just over 7% between 2010 and 2020, according to the United States Census Bureau. However, the bureau also estimates that from April 2020 to July 2021, the state lost about 45,000 residents — a 0.6% population decrease — and that Boston lost about 21,000 people — a 3.2% decrease.

What month do most Boston apartment leases begin?

 Sept. 1, when 70% of the city’s leases begin

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