Editorial: April 26, 2024: The Massachusetts Housing Crisis
High home prices are driving residents out of the state.
High home prices are driving residents out of the state.
High home prices are driving residents out of the state.
When it comes to the housing crisis in Massachusetts, we saw more discouraging news last week.
A new report points out that more residents are moving out of the commonwealth than are moving in. While “out-migration” isn’t entirely new to our state, the report by Boston Indicators, detailed in the Boston Globe, concludes that more middle- and high-income residents are leaving the state than at any point in the last 20 years. One major factor at play is the high cost of housing.
The median price of a single-family home in Greater Boston has now hit $900,000. Of course, that’s good news for those who already own their homes. But this is discouraging news for the many thousands of people in the region trying to break into the housing market.
Inventory remains at a record low. Prices are reaching record highs. Factor in higher interest rates and tens of thousands of our neighbors simply find homeownership out of reach.
No wonder the choice for many people – particularly upwardly-mobile college-educated people – is to decamp for another, more affordable state.
Gov. Maura Healey’s Affordable Homes Act landed on the Legislature’s doorstep last fall. While it is not a slam-dunk solution to the crisis, and it does contain some questionable provisions, the bill creates a framework for boosting housing production. And if lawmakers want to have a full and fair debate on this critical issue, they have just over three months to do so before the end of the legislative year.
Last fall, we noted that high housing costs and housing insecurity are not just issues for our low-income neighbors. They significantly imperil our state’s wider economy. Evidence for that continues to grow. And Beacon Hill has a duty to act.