Housing out of reach as costs and mortgage rates rise

A recent study of Greater Boston housing market data over the past year highlighted the impact of rising home prices in the area: stress for renters and potential home purchases to cover mortgage payment costs. It became clear that there was a decrease in the number of

“The combination of all-time high home prices and sharply rising mortgage rates has significantly reduced the number of rental households able to afford typical homes or typical affordable homes in the region,” said Daniel. McCue writes. According to the survey results of “Greater Boston Housing Report Card 2022”, Published by Boston Foundation.

The findings also show that rising home prices in the region will be particularly significant for black and Hispanic households, “threatening to exacerbate the racial and ethnic inequalities that exist in the region’s housing market.” It also mentions

Asking rents in the area have increased by 11% over the past 12 months, according to the study. Things are not so good in the homeowner market. “At the last measurement in September 2022, prices for a typical home in the Boston metropolitan area rose to $652,000, which is $57,000 higher than he was a year ago.” he wrote McCue. Rising mortgage rates are making it difficult for even those who can afford to buy a home to cover the cost of a mortgage payment. “Between September 2021 and September 2022, 30-year mortgage rates more than doubled, rising from 2.9% to 6.11%. We have increased our monthly mortgage payments for our homes by $1,400 per month over the past year to $3,800 by September 2022.”

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