There's stuff to buy.
If you want within 128, yes, you are SOL.
A common piece of financial advice is to not spend more than 3x your gross income on your home purchase. That rule could be followed for generations of Americans.
Let’s see how well it can be followed in the Boston area today:
- The median household income in Boston is $89k/year. Therefore, for a home to be affordable for the median household, it would have to cost no more than $267k.
Let’s see the locations in the Boston area where there doesn’t exist a single home on the market (condo or otherwise) that’s affordable to the median household:
- Almost all Boston neighborhoods (with the only exception being Hyde Park): Charlestown, North End, West End, Beacon Hill, Downtown, Seaport, South Boston, South End, Chinatown, Leather District, Bay Village, Back Bay, Fenway, Allston, Brighton, LMA, Mission Hill, Jamaica Plain, Roxbury, Dorchester, Mattapan, Roslindale, and West Roxbury.
- Almost all municipalities in the urban core (with the only exception being Quincy): Brookline, Cambridge, Somerville, Everett, Chelsea, Winthrop, Revere, Malden, Medford, Arlington, Belmont, and Watertown.
- Every single northern suburb: Burlington, Woburn, Winchester, Stoneham, Melrose, Saugus, Lynnfield, Wakefield, and Reading.
- Most North Shore municipalities: Nahant, Marblehead, Swampscott, Salem, Manchester-by-the-Sea, Gloucester, Rockport, Essex, Hamilton, Wenham, Topsfield, Ipswich, and Newbury.
- Most MetroWest municipalities: Newton, Waltham, Lexington, Bedford, Lincoln, Weston, Wellesley, Needham, Dover, Natick, Wayland, Concord, Carlisle, Acton, Boxborough, Stow, Sudbury, Southborough, Ashland, Sherborn, Medfield, Millis, Medway, Holliston, and Hopkinton.
I could go on and on, but I don’t have all day. This gives you a good idea of a sampling of places where the median family simply can not afford any kind of home, be it a condo or otherwise. We are not talking about the 20th percentile in income. The median family. These are places where, when there is transit infrastructure, could use increased density. It means adding TOD density around Sullivan as much as it means adding TOD density around Ashland Station (and/or around a new CR station near the historic one in the town center of Ashland).
By maintaining the status quo, you are saying that the average household (what’s supposed to be the “middle class”) is not allowed to afford a home in those areas, condo or otherwise. Yet those areas need teachers, police officers, firefighters, social workers, electricians, plumbers, etc. The status quo says that these essential workers should not buy a home in the areas they work. Instead, they either need to rent or commute from far away. Again, not the low income workers, but rather the
median income households. That’s not a sign of a healthy housing market.