The Rising Cost of Homeownership in Boston: Is it Out of Reach for Many?

The median house price in Greater Boston reached $910,000 in July 2023, making homeownership increasingly unattainable for many residents, particularly young people and families. The high cost of housing, coupled with additional expenses like taxes and insurance, has led to frustration and a growing desire to move elsewhere. Experts suggest having faith in the process and highlight the benefits of homeownership, such as lower interest rates compared to renting. Companies like LaMacchia Realty are exploring creative solutions, such as connecting buyers and sellers with assumable mortgages, but face challenges from national lenders and state regulations.