States of desperation[Yahoo Finance]
In Massachusetts, Florida and New York, Americans spend 32.9%, 32.6% and 31.2% of their income respectively on rent, according to the Moody's report.
The article says people are told that rent should not be more than 30% of income. 50 years ago, we were told it should be no more than 25%.
East Boston’s apartment rental market has undergone quite a transformation even before 2020 and the market turbulence that came with it. Over the previous 10 years, rising rent prices in neighborhoods close to Downtown were quickly gentrifying East Boston, as renters began looking outward for relief in rent prices. Just a year ago, East Boston was experiencing record low vacancy rates thanks to a steadily growing metro population and a shortage of affordable housing in Boston.
The apartment rental market in Mission Hill is heavily reliant on the local student population. It’s situated just south of Fenway and Northeastern, providing students quick and easy access to some of Boston’s largest Universities. It’s also considerably less expensive than renting close to these schools and it provides plenty of options for 3 and 4 bedroom apartments so students can save splitting rent.
Help keep Universal Hub going. If you like what we're up to and want to help out, please consider a (completely non-deductible) contribution.
