Photo: James Rojas/WBZ NewsRadio
BOSTON (WBZ NewsRadio) — A report has put Massachusetts' housing affordability problems into perspective.
Even as the housing market begins to cool, Massachusetts homebuyers still feel locked out. A report from Construction Coverage shows that between 2016 and 2026, home prices in Massachusetts rose nearly 82% with the state's median home price climbing by nearly $295,000.
Meanwhile, median household income in the state rose just 53% over that same time period. That growing gap between wages and housing costs explains why affordability pressures remain so high, even as the housing market is now beginning to cool.
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Also, low inventory, interest rates above 6%, and rising inflation continue to add to the affordability challenge.
The report ranks Massachusetts middle of the road, coming in 25th nationally for home price growth. New Hampshire ranked second-highest, followed by Maine in third place.
WBZ NewsRadio’s Shari Small (@ShariSmallNews) reports.