Housing Market Statistics

Costs of Home Ownership

2002 Average Single Family Home Selling Price
United States$158,300*
Massachusetts$346,019**
Boston$498,180***

* > National Association of Realtors
**Massachusetts Association of Realtors
***Massachusetts Association of Realtors

Income needed to afford the average selling price
United States$53,799
Massachusetts$143,367
Boston$131,545
(Assumes 5% down, 30% of income for housing costs, 30 year mortgage,7.5% APR, and $300/month for taxes/insurance)

Massachusetts Median Family Income (2000 Census): $50,502

Costs of Renting

2000
The "Fair Market Rent" for a two-bedroom housing unit in the Boston metropolitan area - $942 in 2000- was higher than any other region in the US with the exception of San Francisco. To afford that rent and pay the recommended 30 percent of income on housing, Boston area residents would need to earn $37,680. In Boston, janitors and retail salespersons would have to spend 54 and 63 percent of their incomes respectively, on the average-priced two bedroom rental.
(State of the Nation's Housing 2002, Joint Center for housing Studies, Harvard University)

Current
2003 Fair Market Rent for a two-bedroom housing unit: Boston PMSA: $1,343
Income needed to afford this Fair Market Rent: $53,720
(Assumes 30% of income for housing costs)

Housing Starts
Massachusetts was ranked 47th in the nation in building permits issued per capita in 2001

HUD Low/Mod Population Estimates (Based on 2000 Census Data)
41% of Households earn less than 80% Area Median Income
26% of Households earn less than 50% Area Median Income
15% of Households earn less than 30% Area Median Income

Source: Massachusetts Department of Housing and Community Development

 

 


This information is provided by the Executive Commission on Homeless Services Coordination.