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Report: Boston residents unhappy about housing costs

by Emily Johnson, Taylor Johnson Public Rrelations

boston-emerging-real-estate-market-2017

Bostonians are not pleased with how much housing costs in the city, according to a new report by the Boston Globe.

The Globe partnered with Suffolk University to survey residents on housing issues in the area. Survey respondents were asked to rate their satisfaction with housing costs on a scale of 1 to 5, and 49 percent gave an answer of “1,” or very dissatisfied, according to the report.

Only 5 percent of residents said they are very satisfied with housing prices in the area. Such a disparity even caught the pollsters off guar, with the poll’s director from Suffolk University calling the results “overwhelming.”

Aside from housing prices, 34 percent of residents said they were dissatisfied with the overall cost of living. Another 24 percent said they were somewhat dissatisfied, according to the Globe.

Boston is generally considered the third most expensive housing market in the country, behind New York and San Francisco. But it has also added residents, showing that people have yet to be turned away from the area’s housing costs.

That might be changing. Though it’s known for well-paying and high-tech jobs and industries, nearly half of the city’s residents make less than $35,000 a year. Strides have been made in affordable housing, but so far it has not been enough.

Experts believe housing costs could lead to a decline in population growth. For example: Boston has added the 9th-most millennial residents of any U.S. city. But a  study of millennials shows that 70 percent are dissatisfied with Boston’s housing market, according to the Globe, which could be pushing away what is now the country’s largest homebuying population.

For complete coverage of the housing survey, check out the Globe’s report here. 

 

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