More Topics:
The Cost of Homeownership for Service Workers in Boston
Posted December 18, 2011
We Recommend...
Boston ranks 15 out of more 200 markets on a scale of most to least expensive metropolitan areas for homeownership, according to the Center for Housing Policy.
In a report called Paycheck to Paycheck, the nonprofit organization said that in much of the country, "people who provide the bulk of services - office clerks, janitors, security guards, groundskeepers, and retail sales workers - can't afford to live in the communities where they work. In high-priced communities, teachers, police officers, nurses, and accountants do not earn enough to afford typical rents or home prices. Even in more moderately-priced communities, people who work a full-time job pay an excessive portion of their income for housing."
The third quarter median home price in Boston is $322,000 compared to a nationwide average of $176,000.
How does that play out for the average worker? The chart below shows the annual income needed to own a house in Boston compared to the salaries of 10 different workers.
For Homeowners:
For Renters:
Want to see how a dental hygienist, dishwasher, or delivery truck driver fare? Click here and customize the report.
A similar report indicates that Boston ranks low on the affordability index, which calculates the number of jobs out of 74 identified that can afford to purchase a median-priced home in each city.
San Francisco ($585K) and New York ($450) are the most expensive areas in the nation, ranked first and second respectively. Click here to see the full list.
blog comments powered by