Boston Ranked 7th Most Expensive Real Estate Market in North America - NBC10 Boston

Boston Ranked 7th Most Expensive Real Estate Market in North America

Find NBC Boston in your area

Channel 10 on most providers

Channel 15, 60 and 8 Over the Air

    Winter Olympics PyeongChang 2018 Medal Count
    Country
    Total
    1
    Norway
    78722
    2
    Germany
    94417
    3
    Canada
    55515
    processing...

    NEWSLETTERS

    BBJ Report: Record-Breaking Boston Condo

    Real estate editor Catherine Carlock joins necn to discuss her story, "Is Michael Dell about to buy Boston's most expensive condo?"

     

    (Published Thursday, Nov. 2, 2017)

    This may not be surprising to most New Englanders, but Boston's real estate market is pretty unaffordable for many.

    However, a new affordability survey has found that Boston's real estate market is the seventh most unaffordable in North America.

    Researchers with Point 2 Homes analyzed data points, such as home prices and annual incomes, to determine real estate affordability of the 50 most-populated cities in the U.S., Canada and Mexico.

    Data suggests that should someone buy a house in Boston and if they hypothetically put their entire income toward paying their mortgage, it would take seven years to pay it off.

    What may be surprising to some real estate watchers is that the Canadian city of Vancouver topped the list. The New York Times reports the affordability crisis in Vancouver has been fueled by foreign investments in real estate, and Point 2 Homes researchers estimate it would take 17.3 years for someone to pay off their mortgage in that market.

    Manhattan in New York City came in at number two on the list, San Francisco came in at third, and Brooklyn and the rest of the New York boroughs came in at fourth and fifth place, respectively. Los Angeles came in at sixth place for high real estate prices, while San Jose, Seattle and San Diego came in at eighth, ninth and 10th in the survey.

    Detroit was ranked as the most affordable city in North America.


    Get the latest from NBC Boston anywhere, anytime:

    App

    Download our FREE app for iPhone, iPad and Android. You can also follow us on Facebook, Twitter and Instagram, and sign up for our e-mail newsletters.