The term “affordability” is thrown around quite a bit, but when it concerns the middle class, the scenario is all the more interesting.
Creative Commons: Das Nili, http://commons.wikimedia.org/wiki/Boston#mediaviewer/File:08_506.jpg
The Boston housing market has offered a most pleasant surprise in 2014, with the area’s housing affordability for middle class homebuyers rising to 45 percent of the area’s housing stock, according to a detailed new report from Trulia; for it’s analysis, Trulia looked at what the monthly costs were for homeowners when factoring in the mortgage payment, insurance and property taxes – if, after all that comes together, the home is less than 31 percent of median income, then Trulia considered it affordable to the middle class.
Though Boston’s affordability was still low relative to other metro areas – in Chicago and Atlanta, for instance, 67 and 71 percent of the respective housing stocks were affordable to the middle class – it was the only large metro area to see it stock grow more affordable from Oct. 2013 to Oct. 2014, rising from 41 percent to 45 percent.
The Housing Affordability Conundrum
Affordability is a common topic on our website, and for good reason. Not only does it continue to worsen (for most areas) at time drags on, but it has also led to both a surge of doubled-up households (essentially, homes with roommates) and shifting consumer preferences for homes that are more cost-effective and closer to where they work; regardless of what one may think about housing affordability, it’s here to stay, and with consumer incomes still stagnant and savings low, it will continue to shape the housing market as it lurches into recovery.
Interested in how our area compares with other metro areas? Check out our graphic below, and stay tuned for additional coverage from us on affordability, including average down payment data and what percentage of housing is affordable to Millennials.
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