Is the Boston Housing Market Driving Away Families?

Is the Boston Housing Market Driving Away Families?

Families are Leaving the City of Boston

That’s a fact. A new report released by Boston Indicators, details the latest trends in Boston’s new primary population – high-income childless professionals. The study further shows that even though the city’s total population has increased from the low point seen in the 80s, the number of school-aged children has declined.

The report further points out that Boston has experienced an especially sharp decline in middle-income families with kids, as more and more families move out to the suburbs.

So, what will become of Boston if this trend is to continue? Authors of the study, Peter Ciurczak and Luc Schuster from Boston Indicators and Antoniya Marinova from The Bost0n Foundation write, “Boston’s got a lot going for it, but we’re gradually becoming a city of high-income, childless professionals.”

Affordability certainly remains a focal point for key politicians, including Mayor Marty Walsh.

During his State of the City address, Mayor Walsh announced a $500 million plan to build homes for low- and middle-class families over five years and a $100 injection into Boston Public School classrooms over three years. That plan includes the first city-funded rental vouchers issued in city history.

But are all of these ambitious plans just “too little, too late” in wooing families back to Boston? Could Boston be the city without children one day?

According to Boston Magazine, “Losing kids is an incredibly destructive trend for a city, starting with the fact that along with the children, there go the parents—people ages 35 to 60—a critical demographic for city-building.” To lose families, is to lose the lifeblood of the city.

Here at Bank of England Mortgage Boston, we see many families buying homes in and around the great Boston area but one of the biggest challenges they face is affordable inventory in locations with good schools and access to public transportation.