Today in the Boston Globe there was an article on the status of housing in Boston. The story mentioned that a family making just over a six figure salary has trouble finding a house in Dorchester, one of the poorest neighborhoods in Boston. The article went on to say that the cost of housing in Boston is 5.4 times the median household income, the national average is 4.6, and the affordable range is 3 to 3.5.
How does this story get balanced with the booming development on Boston's new waterfront district. Most of the housing will be "luxury" condos, well out of the reach of even the middle class. It use to be that home ownership was the first step from poverty to the middle class, but lately it seams as thought those in charge of the America's city's have forgotten that.
Where will the middle class live when they can't afford to live in the poorest neighborhoods?
Where will the poor live?
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3 comments:
This is not very encouraging...
Last night my professor was talking about how crime has decreased in the cities and increased in the suburbs...essentially the poor can't afford the inner-city so they are moving to the suburbs, and the crime is following.
Some developers have been intentional about providing mixed-income housing, but the luxury condos still seem to be taking over. It will be interesting to watch and see what actually happens in our neck of the woods.
I'm so glad my family owns our home in Dorchester...we (selfishly) cheer rising home prices. Even though we have to pay more in taxes now, when/if we do sell it'll basically pay for a home and hopefully we'll have a bit left over for my mom's retirement.
On the other hand, I'll be moving out of the house soon and am down right scared of the cost of apartment rent...$500-$600 is a significant portion of my month's gross income!
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