http://www.boston.com/news/local/massachusetts/articles/2005/09/08/report_rates_boston_most_expensive_city/ says the following:
Propelled largely by high housing costs, Boston is now the most expensive metropolitan area in the country, outpacing Washington, D.C., San Francisco, and even New York City, according to a report that will be released today.
The report found that last year, a family of four living in the Boston area needed $64,656 to cover its basic needs. This was $6,000 more than in New York City, and about $7,000 more than in San Francisco. Living expenses, which include healthcare, child care, and other basic needs, were $44,000 or less in Austin, Texas; Chicago; Miami; and Raleigh, N.C.
The third annual ”Housing Report Card,” produced by the Boston Foundation and the Citizens’ Housing and Planning Association, concludes that even an uptick in housing production could not halt the relentless climb of Greater Boston’s housing prices, which are increasing far more rapidly than are wages.
Should we be concerned that housing prices are so high? In some ways it is depressing that government here is so restrictive that even rich people are forced to live in 120-year-old wooden slums. In Cambridge, for example, it is illegal to tear down an old structure and rebuild something decent of the same size; the new house would have to conform to modern zoning setbacks and height restrictions so that if you tore down the typical 2-family or 3-family 4500 square foot slum you’d only be able to build a dollhouse to replace it. On the other hand, perhaps we should feel good that people love it here so much they are willing to pay $2500 per month for a small apartment. On the third hand, maybe it is only because most of the rest of the country has become such a sprawl-ridden wasteland that Boston seems comparatively attractive.
I was driving up Route 1A the other night to visit a friend in Marblehead. The route goes past wooden slums hard by the highway all through Everett, Revere, and Lynn. One’s gut feeling about such an apartment is “they would have to pay me to live here”, especially since the daily traffic jams getting in or out of the slum are horrific. Yet compared to the rest of the country these apartments rent and the slum houses sell for far more than a nice comfortable place of equivalent square footage almost anywhere else in the U.S. I guess I’m not surprised that people would be willing to pay a premium to live in beautiful Back Bay or among the intelligent wanderers of Harvard Square but why are the prices in the slums of Everett so high?
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