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Boston rents are among the highest in the country, but moving into homeownership in New England’s largest city would take an even bigger bite out of one’s wallet.
A June RealtyHop report of the 100 most populous U.S. cities says Boston is the eighth-most-expensive U.S. market for homeownership.
Boston home prices average $645K, and the local median annual income is $62K. That means a resident would have to spend nearly 60% of his or her monthly income just to own a home, Boston magazine reports.
The U.S. Department of Housing and Urban Development deems families spending more than a third of their household income on housing as cost-burdened.
While Boston made the top 10 for home prices, it is still more affordable than some of its competing markets. Los Angeles, Miami, New York, San Francisco and Oakland were the most expensive markets, respectively.
Detroit, Fort Wayne, Indiana, Wichita, Kansas, Cleveland and Indianapolis were the five least-expensive major U.S. markets to own a home, respectively.
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