Boston Young Adults Priced Out, Homeownership Dreams Fade
The Severity of Boston's Housing Affordability Crisis The escalating housing affordability crisis in Boston presents an intricate dilemma. This is characterized by soaring home prices and dwindling multifamily housing permits. Median prices reached approximately $900,000 for a single-family home in 2024. This starkly contrasts with the state median of $609,900. This divergence highlights significant housing trends and market dynamics. Over the past three years, more than 17,000 housing units have been built or initiated in Boston, demonstrating a proactive response to housing needs despite the challenges. These factors exacerbate affordability challenges. Boston's declining multifamily housing permits are also a concern. They dropped from 3,992 units in 2022 to 1,878 in 2023, further straining the market. The demand for affordable housing far outstrips supply. Despite the addition of 13,210 income-restricted units since 2011, many remain unaffordable for average households. Ri...