MA housing costs among nation’s highest compared to wages

The minimum wage needed to afford the median two-bedroom apartment in Massachusetts is the third-highest in the country at $33.81 an hour according to a report from the National Low Income Housing Coalition. That wage is even higher in Greater Boston at $42.19 an hour. The state minimum wage has recently risen to $12, but the gap between income and rent is still growing, placing stress on working families.

Some housing advocates are urging Beacon Hill lawmakers to pass laws to boost housing construction and expand rental vouchers. U.S. Representative Ayanna Pressley recently signed on to a bill to boost spending on federal housing. The national average income required for a two-bedroom apartment is $22.96 an hour which can be out of reach on the federal minimum wage of $7.25. A renter with average income can afford a two-bedroom apartment in only about 10 counties in the U.S, according to the same report.

One Congress breaks ground

Carr Properties and National Real Estate Advisors own One Congress, what will be a 600-foot office building developed by the HYM Investment Group LLC. The building will serve as the future headquarters of the State Street Corporation. “Demand for office space in the city has never been higher, and with our partners in One Congress, we are bringing over a million square feet of new, class A office space onto the market to meet that demand in an accessible location where Bostonians want to live and work,” said developer Thomas N. O’Brien, founding partner and managing director of the HYM Investment Group.

One Congress will feature several amenities such as a rooftop garden, fitness, wellness, food and beverage offerings in addition to iconic views like the Boston Harbor and the financial district. It will be located in the heart of transportation operations with a Haymarket MBTA Station on-site. “We are incredibly excited about One Congress. This is a generational opportunity to own and develop an iconic building that will contribute to the fabric of Boston for many years to come,” said Oliver Carr, Chief Executive Officer of Carr Properties.