Housing prices are in the Metro Boston area are some of the highest in the nation.
It’s no surprise that is the case. According to the Metro Mayors Coalition Regional Housing Task Force, 45% of Massachusetts’ job growth has been concentrated in our inner cities and towns since 2010. That job growth has put the pinch on housing. The same report shows only 32,500 housing units permitted in the same period of time.
Looking forward to 2030, the coalition has determined that number of housing units needed exceeds over 180,000. As a result, the leaders of this coalition have pledged to build 185,000 homes by 2030.
The fifteen municipalities included in this housing target, knows as the Metropolitan Mayors Communities (MMC) are: Arlington, Boston, Braintree, Brookline, Cambridge, Chelsea, Everett, Malden, Medford, Melrose, Newton, Quincy, Revere, Somerville, and Winthrop.
The projections of total housing demand are a combination of the demand associated with the net change in working households, demand associated with the net change in non-working households, and the amount of units needed to create and maintain a healthy vacancy rate.
With the influx of housing units, alongside availability comes affordability. There are several different mortgage programs that can help get a foot in the door of the Metro Boston housing market.