Zillow compares employment and income growth to determine the best markets to be in right now. How did our city do?
The nuances discerning a good economy from a bad one are plenty and complicated, but for a brief diagnosis, Zillow compared metro-wide employment numbers with average job and income growth. The report’s aim was to determine the quality and affordability of housing markets, which has become a chief concern among buyers hesitant to enter or reenter the market.
According to Zillow’s research, Boston has disproportionately grown in favor of jobs, but incomes have failed to keep pace with the area’s affordability. Employment growth averaged 1.5 percent last year, and while weekly income growth surpassed employment, raising 1.7 percent, Massachusetts’s home prices, according to CoreLogic’s Home Price Index, have been on a steep upward trajectory since 2011.