The New England region in general – and the Boston area in particular – is known for its professional sports scene, world-renowned hospitals and universally recognized institutions of higher learning. These factors alone make it a highly sought-after place to live, let alone visit. Its historical significance to the nation's founding makes it similarly appealing, and in June, Boston made a different type of history that reinforces how many people wish to live there.
In June, in order to purchase a single-family home in Boston, it cost the typical buyer a median of $372,000, according to newly released data from The Warren Group. That's the largest mortgage value on record, surpassing the previous high of $370,000 in August 2005.
National median at unprecedented high
Boston's median is considerably more than the national one. In June, the U.S. median was $247,700, according to the National Association of Realtors. Similarly, however, this was also a record-breaking amount.
The same is true among condominiums in Boston compared to what they sell for nationwide. At a U.S. median sales price of $231,600, Boston condos sold for $345,000 in June of last year, The Warren Group reported from its findings.
Timothy Warren, the Boston-based real estate agency's CEO, indicated that home sales across the state have likely maxed out, though there's plenty of summer left.
"There have been double-digit percent gains every month for 13 straight months," Warren explained. "The summer months are always the strongest for closings with July usually the biggest month. Even with prices at record highs, home buyers will still be out closing deals at a high rate."
Must work 60 hours per week to afford a home in Mass.
Even though home values are climbing just about everywhere, due to the dynamics of supply and demand, Massachusetts residents make for hard workers. In order to successfully afford a mortgage, the average person has to work at least 60.5 hours per month, according to a study conducted by GOBankingRates.com. By way of comparison, in Ohio, residents can work 30 hours per month for the financial resources needed to pay off their home loans.
Perhaps unsurprisingly, given median home values there, Hawaii requires the most time spent on the job. To afford a mortgage, the typical owner in the Aloha State must work 88 hours a month, GOBankingRates.com reported. According to NAR, single-family residences in Honolulu go for $770,300, making it the second-most expensive city to live in the country.
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