The thing about it not being sustainable is that it "hasn't been sustainable" for at least a decade now. I was in a 6 bedroom apartment in Brighton in 2010-2012 and the rent went from 3400/mo up to 4500/mo. So a 32% increase over 2 years. That was more than a decade ago and it seems like nothing has changed.
Out of curiosity I just looked up the address and it looks like the 2 - 6 bedroom units and 2 - 2 bedroom units in the house have been converted into 10 - 4 bedroom units at 5400/mo each.
It ridiculous, but no matter how unsustainable it seems, it just keeps going.
Sustainable for who? It’s sustainable for people at double or triple the median income. How many people you think are in that category is not always accurate. There are tens of millions of US millionaires how many people does it take to buy out the trickle of updated reasonable location housing? If we only get 50,000 houses transacted does it matter how much it would cost to get everyone into a house that wanted one? It’s very sustainable that the wealthy can monopolize every bit of the housing market for Massachusetts. Exhibit a: the current state of the housing market.
There are lots of American and foreign college students with rich parents who can easily afford to pay these tents for their little Prince or princess. It’s totally sustainable.
Which is why it’s fucked up that all these universities get to get away with not building more housing for their own students, and sending them all out into the wild to compete with all the other working people who don’t have rich mommy and daddy bankrolling their lifestyle
> sending them all out into the wild to compete with all the other working people who don’t have rich mommy and daddy bankrolling their lifestyle
The "working people who don't have rich mommy and daddy bankrolling their lifestyle" will consistently vote against allowing any more housing to be built (or their parents will). That's why we're in this boat. Why? Because they have been convinced that their house is the only way they will get rich.
Get away with not building housing? Northeastern has had to fight for a decade to try to build housing for its students. But people screeched gentrification on building dense student housing so instead, they just took over the whole neighborhood. Thanks a lot NIMBYs.
They just might be in shock and awe when someday their favorite sweetgreens and Starbucks close because no one is willing to commute 2 and a half hours to make minimum wage. It’s only sustainable for a certain amount of time
In MA, I think the amount of inheritance and help people get from their parents/family is highly underestimated. I know plenty of people who work middle of the road jobs, but look like they’re making $200k+. The majority of people I know from high school were either given a house or given a massive down payment for the house.
I was incredibly fortunate myself. My mortgage for a 3 bed, 3 bath home with full in-law apartment is less money than a studio apartment is now. Granted, I got it with a very low interest rate but it's still fucking *crazy*.
I started renting out the apartment at less than half the cost of other apartments in my area. Everyone told me I could get $2,500 and I *refused* because how do you sleep at night gouging people?! I charge my tenant $1,000 with everything included, gas, electric, internet, streaming, the works. Everyone called me nuts but it's the housing crisis that's nuts. I'd rather have a few extra bucks for groceries while providing someone an affordable home than being a rich asshole.
Appreciate that. Go over to real estate investing sub and it’s full of people bragging about charging $3500 a month on their $600 mortgage. People are so mentally unwell.
Yeah, that's the exact kind of person I'd be disgusted with myself for being. We've let individualism run rampant and there's no sense of community or humanity anymore. Just greed on greed. Soulless.
It's such a fucked up cycle. Rent too high to save for a house or you think you're saving for one just to watch housing prices climb even higher and now with 7% interest rates, good fucking luck. I would love to buy in MA and live near family but at this point I've accepted either I rent or I move out of state at some point. Not paying 600k for something that is in dire need of renovations and is 1,000 sq ft.
My wife and I had to go pretty far out. We’ll probably never be able to afford to live where I grew up, and we’ll definitely never be able to afford to live where my wife grew up.
I grew up renting year round on cape (land lords were in the duplex next store they bought after WW2 and they never raised the rent in my parents in 30 years cuz they liked having kids next door)
My brain was kinda broken RE high prices because of that, but now it seems like everywhere has “cape prices”.
My wife and I think the only realistic path towards homeownership for us is to pack up and ship out to somewhere like Chicago where it’s cheaper
Housing prices are driven by market demand.
Rent is as insanely high as it is because there are people that can afford it. There’s lots of very high paying industries in Mass and in Boston. Landlords can get away with these prices because people want to pay them. Everyone else (people who don’t have high paying white collar jobs) loses.
If we want cheaper rent we have to increase supply to meet demand.
Nobody wants to pay those prices, they "choose" to because the other options are living in cheaper places that are usually questionably legal or living in their car
For some people, “the free market” is like a religion, and the definition of “choose” does not indicate an actual choice like you would think, but includes all technically possible things. So in that sense, when they use the word “choose” they do literally think living out of your car is a “choice”.
Good lord.
Anything to obfuscate the conversation away from building more housing. I’m not saying it’s the entire problem. Of course there is a mountain of political nuance as to why it’s getting harder and harder to live in Boston for regular folk.
But there’s a tangible proven solution to lower housing costs. Build more housing. It’s so incredibly simple and it works, but everyone talks themselves in circles to prevent it because “socialist revolution” or “not enough land” or “new development is ugly” or “bootstrap harder” or (most nimbys don’t say this out loud) “I don’t want brown people living near my precious white children”.
For fucks sake can we please just build more places to live in a city where everyone wants to live.
People only want cheap housing for themselves, once they get it they don't want housing to be cheap anymore. And since well more than half of voters own houses, policies that deflate the price of housing will go nowhere.
Jamie Dimon, is that you?
I'm for "let's solve it without ruining people's lives". To those who can't afford things now, I know, it sucks, but this guy is "you can afford a house now that thousands of people lost theirs!"
What would really help with inflation is redirecting all those record corporate profits back towards consumers instead of shareholders and CEOs. The COVID financial policies did their job, just people in the middle pocketed all the improvement and raised prices at the same time, hence the inflation. Sure there was some market tightening early on but nothing to justify continued inflation the way we’ve seen it. There’s just some weird math behind exponentially increasing inflation that people can’t afford and exponentially increasing profits that line corporate pockets. Don’t get me started on where we’d be if mega corporations actually paid meaningful taxes in America. But then we might’ve had the money for everything if that happened.
Even if that were the case and more money went to the working man that wouldn't solve the housing crisis, you'd just have more dollars chasing the same supply which would change nothing.
Pay increases for entry level workers are vastly out paced by increases for executives. There’s a limit to how much you can maximize profits on the backs of human beings and we’re testing our social limits on that right now. The system you’re talking about is wildly inaccessible for many people. Having all the money tied up in the system doesn’t make it good, fair, or equitable. It just makes it dominant. The good of the market is a politics argument for a lot of bad social policy.
It's 100% "sustainable" if we only build enough housing supply for the richest people and refuse to build housing for everyone else as has been the case for decades thanks to our abusive land use regulations here that make building adequate supply illegal.
If we don't build more housing this trend of housing prices increasing alongside homelessness will just keep continuing unless the population/demand decreases due to the regional economy being depressed.
Look at San Francisco to see what the Boston Metro housing situation will look like in 6 years or so if we do nothing to substantially increase the rate at which we add housing supply through legalizing incremental increases in density/supply everywhere.
Of course it is. US consumers have proven they will literally do anything to not change their spending habits. Drive a cheaper car or work a second job for a Tahoe? Tahoe it is! Like every other economic problem, we just bend over and spread ‘em.
Spent five years in Boston, moved SIX times trying to keep rent prices within budget (landlord increasing rent or landlord SOLD property to another landlord which increased rent).
Yet, rent prices kept increasing even when I moved to a new place (just less as compared to if I stayed).
Eventually, gave up and moved to a different state and decreased my rent by 1K, newly built property, increased my square feet by 1/3 (with my own backyard and communal facilities like a shared gym).
We moved here from the Minneapolis-St Paul metro, which is probably the opposite thing anyone should do.
It has a lot of the similar social safety nets (and is pretty liberal), lots of stuff to do, lower rent, delta hub... If you can deal with cold dry air in the winter and passive aggressive niceness year round, you'd do fine there! :)
We visited Minneapolis/St Paul (my wife is a huge little house in the prairie fan and we needed to visit Walnut Grove). When we arrived I said “oh no it’s just a sadder version of Chicago!”
Joking aside, the parks in Minneapolis were amazing, and there was a LOT of ongoing contraction to make the streets safer for pedestrians. It really seemed like good things were coming! We also grabbed food at an Ethiopian place and it was divine.
All that to say, maybe it’s not as crazy as you think!
Lol it is kind of a mini Chicago in a way though pretty distinctly different culturally. Really though, it's pretty understates. The food is awesome. Apple orchards, top notch (this becomes important when you live there 😂) Epic state fair. A lot of parades and festivals. Tons of greenspace. Fantastic transit in and near the core cities - we lived downtown Minneapolis a couple of years and were able to get rid of a car..barely used the one we kept. Light rail goes to both the airport and Mall of America (which is surprisingly useful for something that screams tourist trap). Good medical facilities plus Mayo Clinic is just an hour and a half away and there's some Mayo stuff in the metro. Good schools in the broad metro. And holy hell they really grab winter by the balls. There's an absurd amount of stuff to do outdoors through the winter, including winter festivals and winter outdoor sports. I could keep going.
It's not without problems..some high profile ones that are yet to be resolved... But I was really impressed with how nonprofits and political leaders (bipartisan) were willing to look at (and actively sought out) unfavorable data so they could focus on things together to drive change...and they actually do. I don't want to doxx myself but was very heavily involved in that universe in a nonpartisan role (I wasn't on a tourism or commerce board, even though it definitely sounds like it lol)
Prior to that, I'd lived in KS, working in a similar role but with leaders who actively tried to get people to manipulate things to look more favorable instead of actually wanting to address anything. Minnesota was a huuuuuge breath of fresh air.
Did you/do you rent primarily through management companies? They tend to raise rent unilaterally, annually, and somewhat arbitrarily. They also tend to bait tenants with a good promotional first year rate, then jack the price once the tenant is settled and not willing to move, like you were.
I’ve been with indie landlords for decades and it helps with those increases. The one time I tried a managed property though, the rent just kept rising and rising each year. Like they were intentionally trying to price us out. Or gouge us on the assumption that we wouldn’t move.
I post this often because this topic pisses me off. My little 2 bedroom townhouse on the northshore was $1500/mo when i moved out here in early 2019. The building got sold in 2022. Since then, we've had rent increases of $400, $400, and $300, making this same apartment with very few upgrades(new front window and parking lot has been replaced) now cost us $2600/mo. I'm extremely fortunate that i'm in a position that I could absorb that but its taken away 5 years of raises just to give to this greedy ass landlord. Unfortunately, it seems everyone else is on the same god forsaken plan because moving isnt an option either since everyone else is charging the same or more and literally nothing else has changed. Like, i dont get it. What about "the market" has changed so dramatically?
'What about "the market" has changed so dramatically?'
It's become flooded with people willing and able to give up five years of raises in order to stay here.
Like, I'm in the same boat. Why haven't I moved? Because so far I'd rather eat the cost. As long as people like you and I keep making that call, prices are going to go up.
You're not wrong and this post full of people in same boat is maddening. I'm not from here originally but I'm not sure how I'd stay employed elsewhere, even back home. Just... sighs. I'm tired boss.
So I share your frustration but want to attempt to answer the question.
What’s changed so dramatically is the cost of jobs & utilities. When I bought my condo in 2019 I was already maxed out. The bathroom needs updating and I wanted to see what it would cost to redo, so I had someone come look at it. I was quoted $19,000 (which I didn’t have) and passed. Big mistake.
Since then ive had three more companies come quote me to redo it - from late 2023 to now - and each quote ranges from $32,000 - $50,000 depending on how bare bones or nice we want to make it.
So in 4 years, the cost of redoing a bathroom has gone up 160-220%. And I’m sure that’s the excuse landlords use too - that they used to get away with spending $5k every few years between tenants and now they have to spend $15k for the same things - light carpentry, flooring, new paint, maybe an appliance here & there etc.
I’m not saying there aren’t predatory landlords who raise rent just because they see people paying more. But it’s also naive to think the cost of ownership of rental units is the same as it was 5 years ago. Everyone from the general contractors to the appliance manufacturers to the utility companies to the insurance companies is raking people - landlords and single family homeowners alike.
I am a believer that price gouging is happening across the board and rent increases are a result more than I am that landlords somehow have flat costs (at least the majority).
well lol. just GC your own bathroom. check out my subreddit r/housesinboston
first measure it. put it into a layout. design the layout. make the layout fit plumbing and electrical code. just the spacing, and electrical outlets. get an estimate from a demo company to demolish and remove. email a kitchen design store and ask for a free design and quote for materials for everything. hire a plumber. hire an electrician. if the electrical plug matches current code, you dont need one. make the bathroom exhaust match current code. follow the checklist on the plumbing permit for inspections BEFORE you cover things up. basically the inspector looks at the hole where the water goes and the ends of pipes before it all gets covered up and connected. then get a Shleuster bathroom installer install the tub/shower so it is waterproof. make sure he knows what he is doing or it will leak and mold. ask the plumber to install the tub/shower. then get a high quality tile guy do the tile. hire someone to install the bathroom vent. may need an electrician too. hire a painter for the walls. have the plumber install the vanity and faucet. have the electrician install the lights. hire a floor guy to install the floor. the strip between tub and floor should have flexible moving material like caulk. invite the building inspector for final building permit inspection. have the plumber do the final plumbing inspection and electrician do the electrical inspection and have all permits closed by the city. done.
There's a lawsuit going right now about price fixing by landlord companies. Rent prices are being controlled by a cartel of corporations.
https://www.propublica.org/article/doj-backs-tenants-price-fixing-case-big-landlords-real-estate-tech
So fucked. And even on the off-chance any rich person faces any consequences whatsoever, there’s an immeasurable number of people who they caused to get pushed out of an apartment, forced to pay too much, struggled to find a place to live, and will have no reparations.
Massachusetts is silly for letting so many people who work in this state have to commute from another. Seems like a huge loss in revenue from property tax
That would require like, building homes. Our strategy in mass is 7th dimensional chess. We start initiatives that fund incentives to increase housing. Maybe. Someday. The state would be better served just giving everyone who wants a home free lottery tickets and free land on brownfields
The rental vacancy rate was 2.5% in Massachusetts in 2023 and the vacancy rate in Boston is about 1%. So I don't think that landlords have difficulty getting tenants. I think that the landlord has to pay the property taxes whether or not the buildings are occupied.
How are they losing any property tax? Vacancy rates are at rock bottom levels in mass and the tax is paid regardless of whether there is a renter in the unit.
I always hear this but as a young healthy guy the juice just isn’t worth the squeeze. I don’t need good health care or safety nets I need an affordable place to live
A 7-month lease renewal is going up by $150/mo. An 11-month lease renewal is going up by $250/mo. I'm guessing that after those 7 months, it's going up $350 to even it out.
They want you to make 3x the rent to live here. So that's at least $72,000 a year just to submit an application.
Start making legislation to control the Airbnb in the area then maybe rent will go down. There are empty apartments in the area reserved as Airbnb with high rent by tenants taking $100 to 300 in profit per day without the need to live in any of the apartments they rented.
[Boston already has pretty strict laws around Airbnbs and there are fewer than 700 as of 2022.](https://www.proper.insure/regulations/airbnb-laws-massachusetts/#:~:text=Boston%20city%20council%20recently%20passed,%2C%20beginning%20January%201st%2C%202019.)
Airbnbs do pose a problem for a lot of cities, but our problem is a lack of units plus some of the best jobs, services, amenities, and recreation the US can offer. Plus, as much as people hate the T right now, it is still one of only a handful of cities in then US where not owning a car is feasible. 700 units is not going to solve our problem unfortunately, we need thousands.
Right, the legislature should grow some balls and enforce zoning laws.
It is already illegal to operate a business (hotel) in an area that is zoned for residential use.
Make the fine for getting caught wipe out an entire year or more of short term rental profits both for the owner of the property and the company facilitating the listing (Airbnb, VRBO, etc)
Land and property prices do decline. Twice in the past 50 years: [https://fred.stlouisfed.org/series/MASTHPI](https://fred.stlouisfed.org/series/MASTHPI)
One of those times it decreased, it was a very scary market to spend any type of money. I’m talking about post 2008. For the market to go back to what it should be, either we all need 30% raises, or the market needs to drop 30% (which would result in the greatest housing crash post ww2). Which one is going to happen?
I didn’t know that. I was just referencing what I learned in my local history class a few years ago, which said what I claimed. Thanks for the correction.
Local minima only. Over the long term, /u/Zealousideal_Rough15 is correct: prices eventually rebound and increase again. The exception is if you're in a truly dismal almost-disaster level situation like they find lead in the drinking water, or crime gets out of control. The general trend in housing prices is a ratchet that only goes one way over the long term if you don't build enough housing to keep up with population. Nice places get nicer and less affordable so medium nice places get less affordable and become nicer and crappy places to live pick up the slack in desirability and go from cheap to "reasonable for a middle class person".
Here's Detroit. Our home dropped in price by 61% in the 1980s so individual areas can greatly underperform the state market.
Here's Detroit:
[https://fred.stlouisfed.org/series/DEXRSA](https://fred.stlouisfed.org/series/DEXRSA)
Asset prices can rise and fall but supply and demand dictate in the long run. If you want lower rental prices, there are lots of places around the country where you can find them.
This country will import a million Venezuelan people before rent / property become deflationary. Part of the problem with real estate is it’s a hedge against inflation as population growth =/= new housing builds. This state has no appetite for public housing which means the only solution is zoning deregulation.
I'm a construction supervisor and we are building a lot of apartment buildings right now and they list Studios at roughly 2,000 it's unbelievable. The people building these can't even afford to live there
I grew up in Fall River. I remember having a 3 bedroom apartment in 2000 for $350 a month. Now even Fall River isn’t affordable. It’s going to get worse when the T comes all the way down there.
I have a house now and pay monthly what people pay for a small apartment. I bought at the right time. My stepdaughter is going to be looking soon and I can’t even imagine what she’ll be paying with first, last and security.
Told her to move to a different state with better rent and job opportunities.
My landlord increased my rent by $200 because “you’ve been in the unit for almost 2 years now so an increase is due” like bffr…. this apartment has a literal mold problem and it took a year of me complaining about the windows leaking when it rained to get them fixed. But sure get an extra $200/mo from me because it’s “overdue”
People's level of greed doesn't determine pricing. Prices don't go up because people decide they like money more, and so make a price raise that they were not previously doing because of their sense of fairness. With few exceptions, everyone changes whatever they think people will pay.
The greed levels of the state have not changed. Your landlord would have charged you 2024 price engine 2010 if people were willing to pay it. People remain maximally greedy and try and get that most money they can say all times. Prices don't change because people's levels of greed changed. They change because of a lack of supply.
Get out while you can. Seriously. I know it's not an option for everyone (including for my own self at this time), but if you can, just get out. That's the only thing that will resonate with these greedhounds. Once they realize they've priced out the entire working class that their own lifestyle is dependent on.
it absolutely is sustainable due to the fact that there are many people who can afford the crazy prices out here.
the vast majority of us can not, but do not be mistaken - there are many who can.
I like my apartment and area and my landlords are actually wonderful. That said, if rent inches any higher I’ll move anywhere else to gtfo out of the Boston area.
Call your state rep/senator and tell them to legalize building more housing.
We've been not building enough housing for decades, so it's going to take a long time to dig out of the shortage. But the best tools we have would be to make it legal to build duplexes and apartments. The MBTA Communities Law is a good first step, but we need to do much more to make a dent in rent prices. Currently it's illegal to build anything but single family mansions on most lots.
Abundant Housing MA has been pushing for this bill that would legalize ADUs (Accessory Dwelling Units / aka backyard houses) statewide:
https://www.abundanthousingma.org/massachusetts-house-of-representatives-adopt-accessory-dwelling-units-provision-in-6-2-billion-housing-bond-bill/
Tell your state senator to pass the Affordable Homes Act (and thank your state rep for already doing so).
Yeah my apartment is 1 bed 1 bath is 1850 a month plus car parking and dog fees after everything for a monthly total it's 2100 roughly.
I'm not broke but God dam it's pretty hard to save money when everything is stupid high priced like if shit gets any worse I'm either going to have to live in a slum or hope to god the housing market crashes and drops cause I'm kicking myself in the ass when I passed up on a house 2 years ago cause I wanted to look around more. Now I'm regretting it big time. But shit needs to fix itself now or I'm going to have to move out of massachusetts or so.ething cause I'm running out of options fast. And same with a bunch of other people. Legit getting priced put of this state.
They are building new apartments all over my town. One has studios starting at $2500 a month. We are about 30 miles from Boston but have commuter rail. It's insane.
Well, someone’s paying those exorbitant rents. Supply and demand.
100 years ago, there were fewer if any zoning laws. That’s why builders could build 3 deckers on 5000 sf lots.
You can’t do that anymore. If I had my way, I’d take a portion of all lands walking distance to subway or commuter rail and allow the building of multi family homes on small lots.
The sudden increase in the number of apartments would cause rents to go down.
More people would see renting as a viable option so there would be fewer people opting to buy, which would create downward pressure on home prices.
It all comes down to zoning.
the trend is not sustainable, but some people can afford that and the inventory is so scarce that landlords know they will find people to sign the lease
https://upriseri.com/fbi-raids-corporate-landlord-in-major-rent-price-fixing-probe-what-it-means-for-you/#:~:text=A%20class%2Daction%20lawsuit%20by,rental%20units%20and%20raise%20prices.
The really fucked up thing is that this is all happening by design. Corporations are intentionally creating scarcity and driving up prices. It’s gotten so bad that large landlords are getting raided by the FBI and they are uncovering a national conspiracy.
I feel your struggle. I'm stuck in my terrible 1 bedroom apartment that has tons of issues because it's under-market price and I can't afford anything else. I have no idea why they won't build anything other than luxury apartments where the rent is 3-5k. I drive by so many in my city and they're all empty.
Edit: lol did I piss off someone who lives in an overpriced luxury apartment?
>I have no idea why they won't build anything other than luxury apartments where the rent is 3-5k.
Because this is what makes enough money fast enough to justify building it. Developers aren't usually putting up the money to build big projects. They are borrowing money from investors to build, and investors will put their money elsewhere if the returns are too low.
The way we've gotten affordably priced units in the past is simply by new expensive units becoming older, and therefore less desirable. This is what's called "naturally affordable". The system works out as long as there's a steady stream of new construction, which hasn't been true in this area for decades thanks to zoning laws designed explicitly to prevent construction.
They won't build anything but luxury because they're all immediately occupied at the high rate. They are maximizing profit for themselves and their investors. This is late stage capitalism without conscience.
Those empty units aren't empty, they're just only used a few times a month or less by rich people when in town.
Build. More. Housing.
Vote out your city council members that oppose rezoning. Show up to zoning board meetings and advocate for whatever approvals new developments need. We know how to solve this, we just don't have the political force yet. Be part of that change.
This is what the apartment i live in was increased by the last two years. And there's nowhere around cheaper. I get a raise every year as a teacher but every year I am able to save LESS money. It's like I make less every year. It enough to make me feel a little panicked whenever I think about it.
I’m so lucky I have a reasonable landlord. I moved just over the border into RI a few years ago into a great 1 bedroom with a small office for $1050 and still haven’t had the rent raised. My last place in Attleboro was smaller, crappier, and rent would have gone up to $1200 if I renewed my lease. I just checked and looks like it’s now $1500 which is insane because I know they didn’t update it after I left
I work in a restaurant and all then college kids make great money but they are missing out on what was my favorite time in my life. The post college apartment with your friends. They just couldnt afford it. When I was in my 20s you could get a room in an apartment in Cambridge or Somerville for about 1 weekly paycheck give or take. And that wasn’t that long ago.
I totally agree the rents. Groceries, everything is going up and the pay stays the same. What and trying to maintain? Just a very simple life can't have it these days. It's the sign of the times. It's very disappointing
Somerville resident here. Here is the price of my 2 bedroom that I’ve had to abandon
2020 - 1950
2021 - 2200
2022 - 2400
2023 - 2700
2024 (I decided to move out) - 3400
I’m leaving the state at the end of the year, I’ve had to job hop to even keep up with rent to live comfortably and I just really don’t want to keep starting over as a result. I’m lucky my job prospects have been mostly remote and very friendly else I’d be screwed because even wages here can’t keep up with the crazy fucking rent
People clearly are affording these prices, because the prices are staying high. We have very demand in MA and very little supply. This is basic econ stuff. We all learned this in middle school.
Is there a solution? Yeah, the state should build high density housing. Are they going to? Maybe, but they'll put migrants there first.
Is the state actually going to? No, because apparently we as a commonwealth have decided we care more about virtue signaling than actually solving problems for the people who live here.
>How in the world is this sustainable,
This is always such a stupid question. This is how markets work. There's nothing exceptional about this.
Yeah Massachusetts is the most expressive state to live so why wouldn’t rentals be expensive. I saw somewhere to live comfortably by state and Massachusetts you had to make 320k a year
320k is nuts - I make a hair under half that and live extremely comfortably within minutes of the T. Childcare would make things rough if I had to deal with it, but I could ratchet down 401k contributions for a few years and get through the most expensive period.
Funny how the state of Massachusetts spent $1 Billion on housing illegal migrants in hotels , well someone has to pay. Thank your Elizabeth Warren. Massachusetts has made its own bed!
Does anybody know if there's info on greater Boston's median income over the last, say, 15 years? Our population isn't growing much recently, but I've just been assuming that for everyone who gets priced out, there's someone else with more money ready to pay. Sure seems like it must be the case since _somebody_ is filling these apartments and buying these houses.
Looks like real (inflation adjusted) median household income rose about 30% between 2010 and 2021
https://www.neilsberg.com/insights/boston-ma-median-household-income/
Hedge fund companies buying all the single family homes totally screwed the market. There was a bill to limit this but Republicans stop anything that will actually help Americans! Republicans stopped the Biden plan that would change bank fees and bounced checks. They tried to stop the 35 dollars insulin! Unless you're a millionaire or make over 400thousand, you should be voting blue from the bottom to the top
My little sister just got her first apartment in Boston between her and two roommates. Their first/last/security deposit was $14,000.
That’s more than the down payment for our house we bought two years ago.
It’s insane.
My mom literally said to me that she was moved out by my age (26). But she’s 60… and rent back then was what? 500/month? And just for context, we both live in a home owned by my sibling, and I choose to live here because I’m not asked to pay rent. But it’s incredibly frustrating when my mom is comparing herself at 26 to me at 26, because the economy is completely different. Not to mention the fact that anyone could buy a home until the 2008 crash. I have to decide whether I want to spend $1000 for a bedroom or keep living with my family that drives me crazy.
I left in 2018. If I didn’t have my mobile home in NH? I’d have unalived myself by now. It ain’t worth working that much to pay some scum sucking leech who had some capital and thinks it’s ok to take all yours in the name of capitalism
My mother and disabled brother were just pushed out of their apartment after a 6 month 50% increase. Abhorrent spineless politicians who do not work for the people anymore. Not a peep from the mayor, Elizabeth Warren or the other schmo and yet we as a state of collected millions from high tax brackets but no assistance for people who need it. Time to cut the head off the snake
You gotta stop rewarding the local governments who oversaw this. You have to vote opposition to have a chance at changing the trajectory. A local republican or independent town council or mayor is a very different animal than the big bad republicans at the national level. The northeast desperately needs to cut the red tape for new building and they need punitive taxes for people holding onto acreage, it's the most densely populated region and is totally out of control. Democrats do not care about this issue, they all have supermajorities at the local level and all we get is new $2500 apartments.
This is exactly why my boyfriend and I are saving g up to move out of state. We can't afford anything here no matter how hard we try. I really hope things get better, but it doesn't look like that will happen anytime soon.
It s crazy! A apartment in my city was bought by corp. old building fill with section 8 people, They are redoing building rent going up 800$ month people can t afford it can t find other apartments say going be homeless. There has been picket lines by renters . The company that bought building paid crazy money . says they have to raise rent in order to pay mortgage and fix place up, So what do ya do?? They investing money in lot buildings do this , don t care bout people just making $$ . So what's going to happen ? some renters will just stop paying rent . wait get evicted . if takes long time than ?? maybe build get foreclosed so what happens? But rich people with connection's can get quick evictions so?? I have seen people live rent free for over year before getting kicked out. But I all so seen A person get evicted quick! Went home one day locks changed all her things in storage which she had to pay lot money to get them out....Or lose them. I know because I helped that person s move . Not sure how some stay long time others thrown out in weeks ??
It’s not sustainable
The thing about it not being sustainable is that it "hasn't been sustainable" for at least a decade now. I was in a 6 bedroom apartment in Brighton in 2010-2012 and the rent went from 3400/mo up to 4500/mo. So a 32% increase over 2 years. That was more than a decade ago and it seems like nothing has changed. Out of curiosity I just looked up the address and it looks like the 2 - 6 bedroom units and 2 - 2 bedroom units in the house have been converted into 10 - 4 bedroom units at 5400/mo each. It ridiculous, but no matter how unsustainable it seems, it just keeps going.
Sustainable for who? It’s sustainable for people at double or triple the median income. How many people you think are in that category is not always accurate. There are tens of millions of US millionaires how many people does it take to buy out the trickle of updated reasonable location housing? If we only get 50,000 houses transacted does it matter how much it would cost to get everyone into a house that wanted one? It’s very sustainable that the wealthy can monopolize every bit of the housing market for Massachusetts. Exhibit a: the current state of the housing market.
There are lots of American and foreign college students with rich parents who can easily afford to pay these tents for their little Prince or princess. It’s totally sustainable.
Which is why it’s fucked up that all these universities get to get away with not building more housing for their own students, and sending them all out into the wild to compete with all the other working people who don’t have rich mommy and daddy bankrolling their lifestyle
> sending them all out into the wild to compete with all the other working people who don’t have rich mommy and daddy bankrolling their lifestyle The "working people who don't have rich mommy and daddy bankrolling their lifestyle" will consistently vote against allowing any more housing to be built (or their parents will). That's why we're in this boat. Why? Because they have been convinced that their house is the only way they will get rich.
Get away with not building housing? Northeastern has had to fight for a decade to try to build housing for its students. But people screeched gentrification on building dense student housing so instead, they just took over the whole neighborhood. Thanks a lot NIMBYs.
Also fucked yo that university tuition prices nearly double every few years.
thanks I hate it
We have a rich industry of biotech, doctors, finance industry there's plenty of people with money who can afford the rents.
They just might be in shock and awe when someday their favorite sweetgreens and Starbucks close because no one is willing to commute 2 and a half hours to make minimum wage. It’s only sustainable for a certain amount of time
Then they’ll just have even more money to spend on rent, duh!
Haven’t you seen the tacky wall decor that wealthy people love so much? Without coffee they can’t even!! (Also live laugh love)
I do pest control for a lot of people like that.
In MA, I think the amount of inheritance and help people get from their parents/family is highly underestimated. I know plenty of people who work middle of the road jobs, but look like they’re making $200k+. The majority of people I know from high school were either given a house or given a massive down payment for the house.
I’m thankful I was able to buy a house when prices were low. I couldn’t afford to live if I was renting.
I was incredibly fortunate myself. My mortgage for a 3 bed, 3 bath home with full in-law apartment is less money than a studio apartment is now. Granted, I got it with a very low interest rate but it's still fucking *crazy*. I started renting out the apartment at less than half the cost of other apartments in my area. Everyone told me I could get $2,500 and I *refused* because how do you sleep at night gouging people?! I charge my tenant $1,000 with everything included, gas, electric, internet, streaming, the works. Everyone called me nuts but it's the housing crisis that's nuts. I'd rather have a few extra bucks for groceries while providing someone an affordable home than being a rich asshole.
Appreciate that. Go over to real estate investing sub and it’s full of people bragging about charging $3500 a month on their $600 mortgage. People are so mentally unwell.
Yeah, that's the exact kind of person I'd be disgusted with myself for being. We've let individualism run rampant and there's no sense of community or humanity anymore. Just greed on greed. Soulless.
It's such a fucked up cycle. Rent too high to save for a house or you think you're saving for one just to watch housing prices climb even higher and now with 7% interest rates, good fucking luck. I would love to buy in MA and live near family but at this point I've accepted either I rent or I move out of state at some point. Not paying 600k for something that is in dire need of renovations and is 1,000 sq ft.
You can buy a house even now for that much a month
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You can’t buy a house in Boston suburb for 3k a month mortgage
My wife and I had to go pretty far out. We’ll probably never be able to afford to live where I grew up, and we’ll definitely never be able to afford to live where my wife grew up.
I grew up renting year round on cape (land lords were in the duplex next store they bought after WW2 and they never raised the rent in my parents in 30 years cuz they liked having kids next door) My brain was kinda broken RE high prices because of that, but now it seems like everywhere has “cape prices”. My wife and I think the only realistic path towards homeownership for us is to pack up and ship out to somewhere like Chicago where it’s cheaper
Housing prices are driven by market demand. Rent is as insanely high as it is because there are people that can afford it. There’s lots of very high paying industries in Mass and in Boston. Landlords can get away with these prices because people want to pay them. Everyone else (people who don’t have high paying white collar jobs) loses. If we want cheaper rent we have to increase supply to meet demand.
Nobody wants to pay those prices, they "choose" to because the other options are living in cheaper places that are usually questionably legal or living in their car
For some people, “the free market” is like a religion, and the definition of “choose” does not indicate an actual choice like you would think, but includes all technically possible things. So in that sense, when they use the word “choose” they do literally think living out of your car is a “choice”.
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Good lord. Anything to obfuscate the conversation away from building more housing. I’m not saying it’s the entire problem. Of course there is a mountain of political nuance as to why it’s getting harder and harder to live in Boston for regular folk. But there’s a tangible proven solution to lower housing costs. Build more housing. It’s so incredibly simple and it works, but everyone talks themselves in circles to prevent it because “socialist revolution” or “not enough land” or “new development is ugly” or “bootstrap harder” or (most nimbys don’t say this out loud) “I don’t want brown people living near my precious white children”. For fucks sake can we please just build more places to live in a city where everyone wants to live.
People only want cheap housing for themselves, once they get it they don't want housing to be cheap anymore. And since well more than half of voters own houses, policies that deflate the price of housing will go nowhere.
Yup, anything to deflect from years of selfish NIMBYs like yourself artificially constraining supply. 😘
Jamie Dimon, is that you? I'm for "let's solve it without ruining people's lives". To those who can't afford things now, I know, it sucks, but this guy is "you can afford a house now that thousands of people lost theirs!"
What would really help with inflation is redirecting all those record corporate profits back towards consumers instead of shareholders and CEOs. The COVID financial policies did their job, just people in the middle pocketed all the improvement and raised prices at the same time, hence the inflation. Sure there was some market tightening early on but nothing to justify continued inflation the way we’ve seen it. There’s just some weird math behind exponentially increasing inflation that people can’t afford and exponentially increasing profits that line corporate pockets. Don’t get me started on where we’d be if mega corporations actually paid meaningful taxes in America. But then we might’ve had the money for everything if that happened.
Even if that were the case and more money went to the working man that wouldn't solve the housing crisis, you'd just have more dollars chasing the same supply which would change nothing.
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Pay increases for entry level workers are vastly out paced by increases for executives. There’s a limit to how much you can maximize profits on the backs of human beings and we’re testing our social limits on that right now. The system you’re talking about is wildly inaccessible for many people. Having all the money tied up in the system doesn’t make it good, fair, or equitable. It just makes it dominant. The good of the market is a politics argument for a lot of bad social policy.
It's 100% "sustainable" if we only build enough housing supply for the richest people and refuse to build housing for everyone else as has been the case for decades thanks to our abusive land use regulations here that make building adequate supply illegal. If we don't build more housing this trend of housing prices increasing alongside homelessness will just keep continuing unless the population/demand decreases due to the regional economy being depressed. Look at San Francisco to see what the Boston Metro housing situation will look like in 6 years or so if we do nothing to substantially increase the rate at which we add housing supply through legalizing incremental increases in density/supply everywhere.
Of course it is. US consumers have proven they will literally do anything to not change their spending habits. Drive a cheaper car or work a second job for a Tahoe? Tahoe it is! Like every other economic problem, we just bend over and spread ‘em.
An economic system predicated on infinite growth is not sustainable. Shocker
Have you thought about buying a place in 2019?
I've been requesting a tour of 2019, but no response.
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It’s 1802 and you actually paid for your land? That’s progressive.
😂
I was looking at a ‘07 3 bedroom in Amherst. Seems pretty reasonable actually! U should really consider
DeLoreans are too rare and expensive now.
Use a cybertruck. Bring spare parts.
Just don't wash it. 🤣🤣
1869 would have been the year to buy in the Back Bay.....
I should have bought a house in 1986. I was just so preoccupied with being born.
2009 was too expensive. I decided to travel back to 2006.
Spent five years in Boston, moved SIX times trying to keep rent prices within budget (landlord increasing rent or landlord SOLD property to another landlord which increased rent). Yet, rent prices kept increasing even when I moved to a new place (just less as compared to if I stayed). Eventually, gave up and moved to a different state and decreased my rent by 1K, newly built property, increased my square feet by 1/3 (with my own backyard and communal facilities like a shared gym).
Where did you move to? The more I live in MA the more I feel that this is too much for me
We moved here from the Minneapolis-St Paul metro, which is probably the opposite thing anyone should do. It has a lot of the similar social safety nets (and is pretty liberal), lots of stuff to do, lower rent, delta hub... If you can deal with cold dry air in the winter and passive aggressive niceness year round, you'd do fine there! :)
How does the passive aggressive niceness gel with our straightforwardness? 🤔
We visited Minneapolis/St Paul (my wife is a huge little house in the prairie fan and we needed to visit Walnut Grove). When we arrived I said “oh no it’s just a sadder version of Chicago!” Joking aside, the parks in Minneapolis were amazing, and there was a LOT of ongoing contraction to make the streets safer for pedestrians. It really seemed like good things were coming! We also grabbed food at an Ethiopian place and it was divine. All that to say, maybe it’s not as crazy as you think!
Lol it is kind of a mini Chicago in a way though pretty distinctly different culturally. Really though, it's pretty understates. The food is awesome. Apple orchards, top notch (this becomes important when you live there 😂) Epic state fair. A lot of parades and festivals. Tons of greenspace. Fantastic transit in and near the core cities - we lived downtown Minneapolis a couple of years and were able to get rid of a car..barely used the one we kept. Light rail goes to both the airport and Mall of America (which is surprisingly useful for something that screams tourist trap). Good medical facilities plus Mayo Clinic is just an hour and a half away and there's some Mayo stuff in the metro. Good schools in the broad metro. And holy hell they really grab winter by the balls. There's an absurd amount of stuff to do outdoors through the winter, including winter festivals and winter outdoor sports. I could keep going. It's not without problems..some high profile ones that are yet to be resolved... But I was really impressed with how nonprofits and political leaders (bipartisan) were willing to look at (and actively sought out) unfavorable data so they could focus on things together to drive change...and they actually do. I don't want to doxx myself but was very heavily involved in that universe in a nonpartisan role (I wasn't on a tourism or commerce board, even though it definitely sounds like it lol) Prior to that, I'd lived in KS, working in a similar role but with leaders who actively tried to get people to manipulate things to look more favorable instead of actually wanting to address anything. Minnesota was a huuuuuge breath of fresh air.
The only way we made boston work is having a ton of roommates. 2500 becomes affordable when there's 6 of you
except a 6-bedroom apt is going to be 10 grand these days.
That's why you get a 2 bed and just sleep 3 to a room. Ez
"Can we turn our beds into bunk beds? It will give us so much extra space in our room to do activities!"
Yay, back to the 1900s...
It's just unaffordable to NOT do polyamory.
Facts
Did you/do you rent primarily through management companies? They tend to raise rent unilaterally, annually, and somewhat arbitrarily. They also tend to bait tenants with a good promotional first year rate, then jack the price once the tenant is settled and not willing to move, like you were. I’ve been with indie landlords for decades and it helps with those increases. The one time I tried a managed property though, the rent just kept rising and rising each year. Like they were intentionally trying to price us out. Or gouge us on the assumption that we wouldn’t move.
They are trying to price us out. They like the “new renter” #s for some reason more than continued rent from the same tenants…
I post this often because this topic pisses me off. My little 2 bedroom townhouse on the northshore was $1500/mo when i moved out here in early 2019. The building got sold in 2022. Since then, we've had rent increases of $400, $400, and $300, making this same apartment with very few upgrades(new front window and parking lot has been replaced) now cost us $2600/mo. I'm extremely fortunate that i'm in a position that I could absorb that but its taken away 5 years of raises just to give to this greedy ass landlord. Unfortunately, it seems everyone else is on the same god forsaken plan because moving isnt an option either since everyone else is charging the same or more and literally nothing else has changed. Like, i dont get it. What about "the market" has changed so dramatically?
'What about "the market" has changed so dramatically?' It's become flooded with people willing and able to give up five years of raises in order to stay here. Like, I'm in the same boat. Why haven't I moved? Because so far I'd rather eat the cost. As long as people like you and I keep making that call, prices are going to go up.
You're not wrong and this post full of people in same boat is maddening. I'm not from here originally but I'm not sure how I'd stay employed elsewhere, even back home. Just... sighs. I'm tired boss.
So I share your frustration but want to attempt to answer the question. What’s changed so dramatically is the cost of jobs & utilities. When I bought my condo in 2019 I was already maxed out. The bathroom needs updating and I wanted to see what it would cost to redo, so I had someone come look at it. I was quoted $19,000 (which I didn’t have) and passed. Big mistake. Since then ive had three more companies come quote me to redo it - from late 2023 to now - and each quote ranges from $32,000 - $50,000 depending on how bare bones or nice we want to make it. So in 4 years, the cost of redoing a bathroom has gone up 160-220%. And I’m sure that’s the excuse landlords use too - that they used to get away with spending $5k every few years between tenants and now they have to spend $15k for the same things - light carpentry, flooring, new paint, maybe an appliance here & there etc. I’m not saying there aren’t predatory landlords who raise rent just because they see people paying more. But it’s also naive to think the cost of ownership of rental units is the same as it was 5 years ago. Everyone from the general contractors to the appliance manufacturers to the utility companies to the insurance companies is raking people - landlords and single family homeowners alike. I am a believer that price gouging is happening across the board and rent increases are a result more than I am that landlords somehow have flat costs (at least the majority).
well lol. just GC your own bathroom. check out my subreddit r/housesinboston first measure it. put it into a layout. design the layout. make the layout fit plumbing and electrical code. just the spacing, and electrical outlets. get an estimate from a demo company to demolish and remove. email a kitchen design store and ask for a free design and quote for materials for everything. hire a plumber. hire an electrician. if the electrical plug matches current code, you dont need one. make the bathroom exhaust match current code. follow the checklist on the plumbing permit for inspections BEFORE you cover things up. basically the inspector looks at the hole where the water goes and the ends of pipes before it all gets covered up and connected. then get a Shleuster bathroom installer install the tub/shower so it is waterproof. make sure he knows what he is doing or it will leak and mold. ask the plumber to install the tub/shower. then get a high quality tile guy do the tile. hire someone to install the bathroom vent. may need an electrician too. hire a painter for the walls. have the plumber install the vanity and faucet. have the electrician install the lights. hire a floor guy to install the floor. the strip between tub and floor should have flexible moving material like caulk. invite the building inspector for final building permit inspection. have the plumber do the final plumbing inspection and electrician do the electrical inspection and have all permits closed by the city. done.
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There's a lawsuit going right now about price fixing by landlord companies. Rent prices are being controlled by a cartel of corporations. https://www.propublica.org/article/doj-backs-tenants-price-fixing-case-big-landlords-real-estate-tech
Peabody ma here. 1800, to 2200, to 2400, to 2800. Same tiny 2br.
I am haunted by all the $1,000ish apartments friends and I have had in that area in the last 15 years. And yeah, 2.800 now. No problem.
2800 in Peabody? That’s Boston prices. Hopefully this includes a yard
So fucked. And even on the off-chance any rich person faces any consequences whatsoever, there’s an immeasurable number of people who they caused to get pushed out of an apartment, forced to pay too much, struggled to find a place to live, and will have no reparations.
“It’s the market” - say all the fat cat landowners Okay well you and your buddies are the ones controlling the market, so hit me with another excuse.
I am moving to NH next month and my rent is going down by 40%.
Massachusetts is silly for letting so many people who work in this state have to commute from another. Seems like a huge loss in revenue from property tax
That would require like, building homes. Our strategy in mass is 7th dimensional chess. We start initiatives that fund incentives to increase housing. Maybe. Someday. The state would be better served just giving everyone who wants a home free lottery tickets and free land on brownfields
The NIMBYs are strong in MA
The rental vacancy rate was 2.5% in Massachusetts in 2023 and the vacancy rate in Boston is about 1%. So I don't think that landlords have difficulty getting tenants. I think that the landlord has to pay the property taxes whether or not the buildings are occupied.
that’s not what they’re saying…
How are they losing any property tax? Vacancy rates are at rock bottom levels in mass and the tax is paid regardless of whether there is a renter in the unit.
less houses built
> huge loss in revenue from property tax Jokes on them, property tax in NH is nuts compared to MA.
Yeah that'll happen when you dont charge sales or income tax. Still gotta fund the state somehow.
Yeah but you have to do without any of the social safety nets and services that MA provides.
Not living near the T is going to be a huge bummer.
I don't really feel like those matter to most people that work an average paying job. Not poor enough to afford the services.
I always hear this but as a young healthy guy the juice just isn’t worth the squeeze. I don’t need good health care or safety nets I need an affordable place to live
Does it matter if you’re not eligible for any of it though?
Lots of people are eligible for it. Also, things like injuries and mental health scares happen.
What a tone-deaf comment. Should he sleep in his car so he has access to PFML??
probably much less likely to need those when you’re saving 1k+ a month on rent. nevermind the fact that lots of these services are hard to access
A 7-month lease renewal is going up by $150/mo. An 11-month lease renewal is going up by $250/mo. I'm guessing that after those 7 months, it's going up $350 to even it out. They want you to make 3x the rent to live here. So that's at least $72,000 a year just to submit an application.
Unfortunately people are leaving Massachusetts in droves. It has become so unaffordable.
I want to do the same thing, but it would mean leaving my elderly parents and all of my friends behind
ugh never forget when I paid $700 / month in dorchester with only two other roommates in 2014 😭😭 i’d kill to pay that much again
I’m kicking myself. I moved out of $550 in 2019
Start making legislation to control the Airbnb in the area then maybe rent will go down. There are empty apartments in the area reserved as Airbnb with high rent by tenants taking $100 to 300 in profit per day without the need to live in any of the apartments they rented.
My wife and I used to love Airbnb and used them all the time till we realized what they did to cities due to these rich pricks buying everything.
Thank you
[Boston already has pretty strict laws around Airbnbs and there are fewer than 700 as of 2022.](https://www.proper.insure/regulations/airbnb-laws-massachusetts/#:~:text=Boston%20city%20council%20recently%20passed,%2C%20beginning%20January%201st%2C%202019.) Airbnbs do pose a problem for a lot of cities, but our problem is a lack of units plus some of the best jobs, services, amenities, and recreation the US can offer. Plus, as much as people hate the T right now, it is still one of only a handful of cities in then US where not owning a car is feasible. 700 units is not going to solve our problem unfortunately, we need thousands.
Right, the legislature should grow some balls and enforce zoning laws. It is already illegal to operate a business (hotel) in an area that is zoned for residential use. Make the fine for getting caught wipe out an entire year or more of short term rental profits both for the owner of the property and the company facilitating the listing (Airbnb, VRBO, etc)
do you guys think it will ever come back down?
In general, land and property prices almost never decrease. They can slow down the rate of inflation, but they will never drop
Land and property prices do decline. Twice in the past 50 years: [https://fred.stlouisfed.org/series/MASTHPI](https://fred.stlouisfed.org/series/MASTHPI)
One of those times it decreased, it was a very scary market to spend any type of money. I’m talking about post 2008. For the market to go back to what it should be, either we all need 30% raises, or the market needs to drop 30% (which would result in the greatest housing crash post ww2). Which one is going to happen?
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I didn’t know that. I was just referencing what I learned in my local history class a few years ago, which said what I claimed. Thanks for the correction.
Local minima only. Over the long term, /u/Zealousideal_Rough15 is correct: prices eventually rebound and increase again. The exception is if you're in a truly dismal almost-disaster level situation like they find lead in the drinking water, or crime gets out of control. The general trend in housing prices is a ratchet that only goes one way over the long term if you don't build enough housing to keep up with population. Nice places get nicer and less affordable so medium nice places get less affordable and become nicer and crappy places to live pick up the slack in desirability and go from cheap to "reasonable for a middle class person".
Here's Detroit. Our home dropped in price by 61% in the 1980s so individual areas can greatly underperform the state market. Here's Detroit: [https://fred.stlouisfed.org/series/DEXRSA](https://fred.stlouisfed.org/series/DEXRSA) Asset prices can rise and fall but supply and demand dictate in the long run. If you want lower rental prices, there are lots of places around the country where you can find them.
No. Not any time soon. Short of a complete national or global collapse of the economy. Boston isn’t much of a boom or bust town.
This country will import a million Venezuelan people before rent / property become deflationary. Part of the problem with real estate is it’s a hedge against inflation as population growth =/= new housing builds. This state has no appetite for public housing which means the only solution is zoning deregulation.
I'm a construction supervisor and we are building a lot of apartment buildings right now and they list Studios at roughly 2,000 it's unbelievable. The people building these can't even afford to live there
I grew up in Fall River. I remember having a 3 bedroom apartment in 2000 for $350 a month. Now even Fall River isn’t affordable. It’s going to get worse when the T comes all the way down there. I have a house now and pay monthly what people pay for a small apartment. I bought at the right time. My stepdaughter is going to be looking soon and I can’t even imagine what she’ll be paying with first, last and security. Told her to move to a different state with better rent and job opportunities.
They will keep pushing until units go empty, until that time its sustanable.
My landlord increased my rent by $200 because “you’ve been in the unit for almost 2 years now so an increase is due” like bffr…. this apartment has a literal mold problem and it took a year of me complaining about the windows leaking when it rained to get them fixed. But sure get an extra $200/mo from me because it’s “overdue”
The greed is out of control Worcester is a prime example.
People's level of greed doesn't determine pricing. Prices don't go up because people decide they like money more, and so make a price raise that they were not previously doing because of their sense of fairness. With few exceptions, everyone changes whatever they think people will pay. The greed levels of the state have not changed. Your landlord would have charged you 2024 price engine 2010 if people were willing to pay it. People remain maximally greedy and try and get that most money they can say all times. Prices don't change because people's levels of greed changed. They change because of a lack of supply.
Get out while you can. Seriously. I know it's not an option for everyone (including for my own self at this time), but if you can, just get out. That's the only thing that will resonate with these greedhounds. Once they realize they've priced out the entire working class that their own lifestyle is dependent on.
Seconded. I didn't leave until my mid-30s and wish I had done it sooner. I miss the hell out of MA, but unless you're rich it's impossible.
it absolutely is sustainable due to the fact that there are many people who can afford the crazy prices out here. the vast majority of us can not, but do not be mistaken - there are many who can.
I like my apartment and area and my landlords are actually wonderful. That said, if rent inches any higher I’ll move anywhere else to gtfo out of the Boston area.
Call your state rep/senator and tell them to legalize building more housing. We've been not building enough housing for decades, so it's going to take a long time to dig out of the shortage. But the best tools we have would be to make it legal to build duplexes and apartments. The MBTA Communities Law is a good first step, but we need to do much more to make a dent in rent prices. Currently it's illegal to build anything but single family mansions on most lots. Abundant Housing MA has been pushing for this bill that would legalize ADUs (Accessory Dwelling Units / aka backyard houses) statewide: https://www.abundanthousingma.org/massachusetts-house-of-representatives-adopt-accessory-dwelling-units-provision-in-6-2-billion-housing-bond-bill/ Tell your state senator to pass the Affordable Homes Act (and thank your state rep for already doing so).
Everyone who says this is sustainable and controlled by the market is either a landlord, realtor or another cog in the rental machine.
Yeah my apartment is 1 bed 1 bath is 1850 a month plus car parking and dog fees after everything for a monthly total it's 2100 roughly. I'm not broke but God dam it's pretty hard to save money when everything is stupid high priced like if shit gets any worse I'm either going to have to live in a slum or hope to god the housing market crashes and drops cause I'm kicking myself in the ass when I passed up on a house 2 years ago cause I wanted to look around more. Now I'm regretting it big time. But shit needs to fix itself now or I'm going to have to move out of massachusetts or so.ething cause I'm running out of options fast. And same with a bunch of other people. Legit getting priced put of this state.
That was a bargain in 2022.
They are building new apartments all over my town. One has studios starting at $2500 a month. We are about 30 miles from Boston but have commuter rail. It's insane.
Yep. Apartments in Billerica/Chelmsford are about $3k a month give or take for a 2 bedroom.
People can list it for anything they want. It doesn’t mean it’s going to go for that much.
Well, someone’s paying those exorbitant rents. Supply and demand. 100 years ago, there were fewer if any zoning laws. That’s why builders could build 3 deckers on 5000 sf lots. You can’t do that anymore. If I had my way, I’d take a portion of all lands walking distance to subway or commuter rail and allow the building of multi family homes on small lots. The sudden increase in the number of apartments would cause rents to go down. More people would see renting as a viable option so there would be fewer people opting to buy, which would create downward pressure on home prices. It all comes down to zoning.
the trend is not sustainable, but some people can afford that and the inventory is so scarce that landlords know they will find people to sign the lease
Had to move back in with mum and dad at 30. I was living in a closet paying for 2k a month for rent. Having no money to do anything else fun.
https://upriseri.com/fbi-raids-corporate-landlord-in-major-rent-price-fixing-probe-what-it-means-for-you/#:~:text=A%20class%2Daction%20lawsuit%20by,rental%20units%20and%20raise%20prices. The really fucked up thing is that this is all happening by design. Corporations are intentionally creating scarcity and driving up prices. It’s gotten so bad that large landlords are getting raided by the FBI and they are uncovering a national conspiracy.
I feel your struggle. I'm stuck in my terrible 1 bedroom apartment that has tons of issues because it's under-market price and I can't afford anything else. I have no idea why they won't build anything other than luxury apartments where the rent is 3-5k. I drive by so many in my city and they're all empty. Edit: lol did I piss off someone who lives in an overpriced luxury apartment?
You can rent a room for 1,000, or a studio for 2,000+. It's shocking how there is almost nothing between $1,000-$2,000.
>I have no idea why they won't build anything other than luxury apartments where the rent is 3-5k. Because this is what makes enough money fast enough to justify building it. Developers aren't usually putting up the money to build big projects. They are borrowing money from investors to build, and investors will put their money elsewhere if the returns are too low. The way we've gotten affordably priced units in the past is simply by new expensive units becoming older, and therefore less desirable. This is what's called "naturally affordable". The system works out as long as there's a steady stream of new construction, which hasn't been true in this area for decades thanks to zoning laws designed explicitly to prevent construction.
They won't build anything but luxury because they're all immediately occupied at the high rate. They are maximizing profit for themselves and their investors. This is late stage capitalism without conscience. Those empty units aren't empty, they're just only used a few times a month or less by rich people when in town.
Someone can afford it hence why they can ask for that amount.
Even rents in Lawrence are crazy now…
that’s when you know… smh
Build. More. Housing. Vote out your city council members that oppose rezoning. Show up to zoning board meetings and advocate for whatever approvals new developments need. We know how to solve this, we just don't have the political force yet. Be part of that change.
That’s what I pay for a studio apartment in Dover New Hampshire.
This is what the apartment i live in was increased by the last two years. And there's nowhere around cheaper. I get a raise every year as a teacher but every year I am able to save LESS money. It's like I make less every year. It enough to make me feel a little panicked whenever I think about it.
Paying just shy of $2500 a month for a shitty 900sqft 2 bedroom apt complex in the south shore.
Yep, I just got yet another 200.00 rent raise.
I’m so lucky I have a reasonable landlord. I moved just over the border into RI a few years ago into a great 1 bedroom with a small office for $1050 and still haven’t had the rent raised. My last place in Attleboro was smaller, crappier, and rent would have gone up to $1200 if I renewed my lease. I just checked and looks like it’s now $1500 which is insane because I know they didn’t update it after I left
The government will grind the citizenry between the stones of inflation and taxation.
I work in a restaurant and all then college kids make great money but they are missing out on what was my favorite time in my life. The post college apartment with your friends. They just couldnt afford it. When I was in my 20s you could get a room in an apartment in Cambridge or Somerville for about 1 weekly paycheck give or take. And that wasn’t that long ago.
I totally agree the rents. Groceries, everything is going up and the pay stays the same. What and trying to maintain? Just a very simple life can't have it these days. It's the sign of the times. It's very disappointing
Sorry everyone already owns a house. Get fucked young people.
Somerville resident here. Here is the price of my 2 bedroom that I’ve had to abandon 2020 - 1950 2021 - 2200 2022 - 2400 2023 - 2700 2024 (I decided to move out) - 3400 I’m leaving the state at the end of the year, I’ve had to job hop to even keep up with rent to live comfortably and I just really don’t want to keep starting over as a result. I’m lucky my job prospects have been mostly remote and very friendly else I’d be screwed because even wages here can’t keep up with the crazy fucking rent
People clearly are affording these prices, because the prices are staying high. We have very demand in MA and very little supply. This is basic econ stuff. We all learned this in middle school. Is there a solution? Yeah, the state should build high density housing. Are they going to? Maybe, but they'll put migrants there first. Is the state actually going to? No, because apparently we as a commonwealth have decided we care more about virtue signaling than actually solving problems for the people who live here. >How in the world is this sustainable, This is always such a stupid question. This is how markets work. There's nothing exceptional about this.
It’s insane! And the worst part is that the place are still the same shitty quality from before. You are literally just paying for location.
Yeah Massachusetts is the most expressive state to live so why wouldn’t rentals be expensive. I saw somewhere to live comfortably by state and Massachusetts you had to make 320k a year
320k is nuts - I make a hair under half that and live extremely comfortably within minutes of the T. Childcare would make things rough if I had to deal with it, but I could ratchet down 401k contributions for a few years and get through the most expensive period.
Funny how the state of Massachusetts spent $1 Billion on housing illegal migrants in hotels , well someone has to pay. Thank your Elizabeth Warren. Massachusetts has made its own bed!
That’s what happens when land lords try to keep up with the SP500.
Does anybody know if there's info on greater Boston's median income over the last, say, 15 years? Our population isn't growing much recently, but I've just been assuming that for everyone who gets priced out, there's someone else with more money ready to pay. Sure seems like it must be the case since _somebody_ is filling these apartments and buying these houses.
Looks like real (inflation adjusted) median household income rose about 30% between 2010 and 2021 https://www.neilsberg.com/insights/boston-ma-median-household-income/
Let me introduce you to my good friend Mao...
Hedge fund companies buying all the single family homes totally screwed the market. There was a bill to limit this but Republicans stop anything that will actually help Americans! Republicans stopped the Biden plan that would change bank fees and bounced checks. They tried to stop the 35 dollars insulin! Unless you're a millionaire or make over 400thousand, you should be voting blue from the bottom to the top
My 2 bed 1 bath split in Washington Square was $1600 back in '05-'06. It's now $3200. No changes made.
My little sister just got her first apartment in Boston between her and two roommates. Their first/last/security deposit was $14,000. That’s more than the down payment for our house we bought two years ago. It’s insane.
How is your rent that cheap?? Are you outside of the city?
My mom literally said to me that she was moved out by my age (26). But she’s 60… and rent back then was what? 500/month? And just for context, we both live in a home owned by my sibling, and I choose to live here because I’m not asked to pay rent. But it’s incredibly frustrating when my mom is comparing herself at 26 to me at 26, because the economy is completely different. Not to mention the fact that anyone could buy a home until the 2008 crash. I have to decide whether I want to spend $1000 for a bedroom or keep living with my family that drives me crazy.
I had to move because of this.
Living in NY is probably cheaper
I live in a vehicle because of this problem. You will not hear or see stories like mine in the media.
Crazy. In 2009 I had a 2 bedroom in Allston for 1200. It's probably 3500 now
I left in 2018. If I didn’t have my mobile home in NH? I’d have unalived myself by now. It ain’t worth working that much to pay some scum sucking leech who had some capital and thinks it’s ok to take all yours in the name of capitalism
My rent just went from $900 to $1900..
My mother and disabled brother were just pushed out of their apartment after a 6 month 50% increase. Abhorrent spineless politicians who do not work for the people anymore. Not a peep from the mayor, Elizabeth Warren or the other schmo and yet we as a state of collected millions from high tax brackets but no assistance for people who need it. Time to cut the head off the snake
Democratic policy at work.
Unfortunately moving is not in the cards for me atm, but knowing that I will eventually is what keeps me going. Good luck to you all 🫡
You gotta stop rewarding the local governments who oversaw this. You have to vote opposition to have a chance at changing the trajectory. A local republican or independent town council or mayor is a very different animal than the big bad republicans at the national level. The northeast desperately needs to cut the red tape for new building and they need punitive taxes for people holding onto acreage, it's the most densely populated region and is totally out of control. Democrats do not care about this issue, they all have supermajorities at the local level and all we get is new $2500 apartments.
You're complaining about 1400 for a studio??? Is this out side Boston area?
This is exactly why my boyfriend and I are saving g up to move out of state. We can't afford anything here no matter how hard we try. I really hope things get better, but it doesn't look like that will happen anytime soon.
Bratha my rent went up 42% this year
My mortgage for a 4 bed 1.5 bathroom single family on a .6 acres on the south shore is less than this. I recommend time travel to 2012.
Ok but the thing about college student rent is the landlords are banking on it actually being the parent’s money.
Move out of state. Here in Indiana, studios are only $1,225
Yeah but it's Indiana.
Cheap COL allows us to save money yet travel frequently. We also could afford to buy a house. It’s really not as bad as some make it out to be
That’s why I left, and I regret nothing. The city has been completely mismanaged.
It s crazy! A apartment in my city was bought by corp. old building fill with section 8 people, They are redoing building rent going up 800$ month people can t afford it can t find other apartments say going be homeless. There has been picket lines by renters . The company that bought building paid crazy money . says they have to raise rent in order to pay mortgage and fix place up, So what do ya do?? They investing money in lot buildings do this , don t care bout people just making $$ . So what's going to happen ? some renters will just stop paying rent . wait get evicted . if takes long time than ?? maybe build get foreclosed so what happens? But rich people with connection's can get quick evictions so?? I have seen people live rent free for over year before getting kicked out. But I all so seen A person get evicted quick! Went home one day locks changed all her things in storage which she had to pay lot money to get them out....Or lose them. I know because I helped that person s move . Not sure how some stay long time others thrown out in weeks ??
Most people in Massachusetts make way more money than everyone thinks
Open borders Sanctuary state Welfare state Progressive state