Here’s the real crux of the Boston condo market situation:

  1. Limited Boston condo inventory
  2. Rising mortgage rates
  3. Affordability issues

Let’s concentrate on #3. This is truly the Great Divide of the haves and have nots. For example only 17% of home buyers can afford half of the homes on the market right now. That means 83% can’t afford to buy a condo and that’s up from 79% from the previous quarter.

Why aren’t Millennial’s buying? Of the Millennial Generation only 86% can afford less than 50% of the existing homes for sale. This is why there are bidding wars, 86% of Millennial’s are fighting for less than 50% of the housing inventory.

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