Boston is classified as a rent burden city
Boston Condos for Sale and Apartments for Rent
Boston is classified as a rent burden city
Boston is classified as a “rent burden” city. Families who direct 30% or more of their income to housing typically are considered “rent burdened” by the U.S. Department of Housing and Urban Development, and “may have difficulty affording necessities such as food, clothing, transportation and medical care, unfortunately, Boston falls into this category, especially for Beacon Hill apartments or rent.
Rents can be disproportionately higher than incomes when “the location is highly desirable from a lifestyle or future income perspective. Both of these are true for a place like New York City and Boston.
Rising mortgage rates caused many households to be priced out from home buying and would-be buyers to remain renters. Apartment demand surged as a result and drove rates sky high. As the disparity between rent growth and income growth widens, American’s wallets feel financial distress as wage growth trails rent growth.
Figure 1: Top 10 Rent-to-Income Metros
