A quarter of young Bostonians plan to quit the city and move elsewhere over the next five years, a recent survey shows, with issues around housing affordability top of mind as they consider whether to stay or go.
Asked how likely are they to stay in the Greater Boston area, or leave to another city or even state, 16 percent responded that they are somewhat likely to leave and 9 percent very likely to leave among the 20- to 30-year-olds who took part in the survey conducted by HIT Strategies for the Greater Boston Chamber of Commerce Foundation.
When thinking about whether to stay or leave, more than 80 percent said that the cost of rent was important in informing that decision. Nearly 80 percent noted that the ability to buy a home was a factor. Jobs and transportation were other considerations.
Boston, one of the major cities in the New England region of the northeast, is home to top pharmaceutical and biotechnology companies in the United States and is also near some of the world's most prestigious higher education institutions such as Harvard University and the Massachusetts Institute of Technology. It has also repeatedly been voted as one of the most expensive cities in the country in recent years.
Housing costs are part of the reason behind that ranking. The median sale price of a home in Boston is a little more than $718,000, which was 2.6 percent more than a year ago, according to real estate platform Zillow. This is more than double the national median sale price of about $350,000, the data shows.
Rent meanwhile is quite elevated as well. Boston is fourth in the country when it comes to what it costs to lease a home in the city, behind New York, Jersey City and San Francisco, though Boston did fall by a spot below the West coast city in February, according to data from Zumper.
A one-bedroom in Boston cost more than $2,800 to rent, while a two-bedroom was at $3,450. The data did suggest that those prices have been coming down from the previous month and compared to a year ago, however. But compared to the national level—where one-bedrooms go for about $1,500, while two-bedrooms cost just a tad over $1,800—the difference is quite substantial.
The city's Chamber of Commerce noted that "beginning in 2020 with the shift to remote and hybrid office policies, the mobility of the workforce increased, and we are seeing residents, especially young residents, move away from Massachusetts to more affordable regions."
"Our young residents are not only the future of the workforce, but also our current leaders and champions of our small businesses, downtowns, and workplaces," James E. Rooney, president of the Greater Boston Chamber of Commerce Foundation, said in a statement. "It is incumbent upon us to elevate the voices of young residents who are contributing to our local vibrancy and civic fabric while navigating significant hurdles."
The survey polled more than 800 residents aged 20 to 30 years old of the Greater Boston area, that included Essex, Middlesex, Norfolk, Plymouth, and Suffolk counties.
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
About the writer
Omar Mohammed is a Newsweek reporter based in the Greater Boston area. His focus is reporting on the Economy and ... Read more
