Photo: James Rojas/WBZ NewsRadio
CAMBRIDGE, Mass. (WBZ NewsRadio) — While Cambridge is known for its academic excellence, it's failing when it comes to providing reasonably priced housing options for first-time homebuyers.
A recent study found that Cambridge is one of the worst cities for those looking to invest in their first home. Coming in at 281 out of 300, the reality of purchasing a home seems far-fetched for potential homebuyers like Brendan, who lives in Boston but works in Cambridge.
"I'm 26. I'm trying to save for a lot of different things, but buying a home is like not even near where I want it to be. So, as far as if I was trying to buy my first home, Cambridge is probably not going to be it," Brendan said.
Read More: Single Family Home Prices In Greater Boston Break Million Mark
According to the National Association of Realtors, the number of homes purchased by first-time homebuyers in the United States hit a historic low of 24 percent — down from 32 percent in 2023. Before 2008, the norm for first-time buyers was 40 percent. But Pat from Medford thinks the price tag makes sense for the type of homes you find in Cambridge.
"These homes are huge over here. They're not just the typical two-bedroom bungalow out in the suburbs. These are big homes. So yeah, the prices are going to be huge," remarked Pat.
The rankings were determined by affordability, quality of life, and the real estate market conditions. Florida dominates the list, with six cities making it into the top ten best places for first-time homebuyers.
WBZ NewsRadio’s James Rojas (@JamesRojasMMJ) reports.