BOSTON (CBS) – The middle class is being priced out of the Boston area, according to a new report.
Financial news website 24/7 Wall St. says the “Boston-Cambridge-Newton” area is No. 10 on its list of “cities where the middle class can no longer afford a home.” They used data from Harvard University to determine the metro areas where over 30 percent of middle class households spend at least 30 percent of their income on housing.
“In Boston, the fast pace of development of affordable housing units for low-income families and the boom in the construction of luxury units for the super wealthy have many middle-income families to purchase homes outside of their ideal budget range,” the report states.
The report says the median single-family home value in the Boston area is $442,151. It also says 44.4 percent of Boston-area households spend at least 30 percent of their income on housing.
The least affordable place for the middle class to live is the San Francisco Bay Area, according to 24/7 Wall St.
The report defines middle class as families earning between $45,000 and $74,999 annually.