“Affordable housing” is not a house. It is a concept put forth by economists and housing policy makers who prescribe that you Should be Spending 30% of your income and no more, on ALL your monthly HOUSING COSTS!
“All” means your share of the rent or mortgage plus insurance, taxes, condo fees if any and heating cost. A web site compares cities and determined what it takes to buy a house there. In hot Atlanta, which has emerged as a significant Black Hollywood movie making town, you need to make $45,000 a year to get a mortgage that buys a decent house.
In Boston, you need to make $98,000 a year to do that, according to the survey results from www.hsh.com
I can relate to that. When I had an Atlanta apartment near the Strip and Piedmont Park, rent was $125/mo. I moved on up to Buckhead. That apt had more space, was in a safer neighborhood and cost a tiny bit more. I left Atlanta, lived in DC, and eventually moved to Boston. Washington DC Dupont Circle was 30% less rent than an equivalent unit at 220 Jamaicaway Boston. But Boston cost triple my Atlanta rent rate at the time. Actually, it still does!
Fifty-three thousand new housing units are needed in Boston between now and the year 2025 to accommodate the increase in population being estimated. Boston has an estimated 634,000 residents today. The city is expected to have 700,000 residents in it soon.
A commenter on the Houston Hurricane said you can’t concrete over everything because the water needs a place to go when it builds up. That’s a lesson to be learned. All new high rise development is doing that to the surrounding streets, in my opinion.
To quants: Check out this data from MAPC, the Metropolian Area Planning Council HQ Boston. MAPC estimites more than 400,000 new housing units — mostly multifamily, and mostly in urban areas–will be needed by the year 2040 in Metro Boston. web site
– @movef Concierge post