The Other Housing Crisis: Unaffordable Rent
We all know its expensive to live in this part of the country. The average rent in greater Boston has risen twice as fast as the national average.
The lack of affordable housing has continually challenged lawmakers and residents. Massachusetts has the 8th lowest home ownership rate of any state and the 7th lowest vacancy rate. The median rent is the 10thhighest of any state. One in three renters earning less than $64,081 annually pay more than half of their pre-tax income on housing related costs.
The demand for state and federal housing assistance programs far exceeds the supply of vacant rental units. Applicants are challenged each month saving money for transportation, food, insurance, taxes, debt payments, clothing, household goods, long-term savings, and other expenses.
We need to re-zone and construct more affordable housing units in the Commonwealth. Many public and private lending institutions recognize this need in our communities.
If you have considered investing in Massachusetts real estate, affordable housing is a win-win for all parties. The taxpayer’s burden is lifted, investors make money, and lower income people receive adequate housing at anaffordable cost.