Housing

Metro Boston’s housing costs are among the highest in the United States. In fact, Massachusetts is the second least affordable state, and Boston the eighth least affordable city. A new law formulated by the Commonwealth Housing Task Force encourages 40R zoning overlay districts of high-density, "smart growth" housing in city and town centers and at transit nodes. In Boston, Mayor Menino’s "Leading the Way" initiative spurred $2 billion in public and private investment to produce nearly 8,000 market-rate and affordable housing units between 2001 and 2003 in cooperation with community development corporations and private developers. Boston’s rents have moderated, but are nevertheless 50% higher than in 1995. Housing costs are cited in surveys as a primary reason for leaving the state.

Did you know?

• The City of Boston has more than 20 nonprofit community development corporations that build affordable housing throughout the city’s neighborhoods.
• Subsidizing the construction of a single unit of affordable housing in Boston can cost $150,000.
• A single-family home in Boston sold for almost 40% less than one in a typical suburban community in 1998, but by 2003 the price gap between Boston and its suburbs had shrunk to 19%.
• More than 20,000 new homes were built in Massachusetts annually during the 1980s, but the number of permits for new housing fell below 10,000 in 2001 and 2002.

See Housing Highlights for the sector Context, Key Trends and Findings, Major Accomplishments and Innovation, Remaining Challenges, and Competition.