If you’ve ever dreamed of settling in historic, vibrant Boston, you might want to pause before making any big moves.

The city recently claimed the top spot as the most expensive rental market in the country—yes, even more than New York and San Francisco.

But here’s where it gets interesting: in some parts of Boston, buying a home may actually cost less per month than renting.

So why aren’t people lining up to become homeowners?


The answer isn’t so simple.

While the monthly math might favor buyers in some areas, steep upfront costs and ongoing financial barriers continue to shut out many hopeful homeowners.

Let’s take a closer look at what’s really happening in Boston’s housing market—and what it means for those trying to find their footing.


Rental prices keep climbing—but buying isn’t easy either

Between 2019 and 2023, average rent in Boston jumped 16%.

A one-bedroom apartment now averages nearly $1,800 a month.

At the same time, home prices and mortgage rates have also gone up, making down payments and other purchase costs hard to manage.

According to local real estate expert Daniel J. O’Leary, while some renters are trying to become homeowners, many are still financially locked out due to high home prices, interest rates, and the costs of carrying a mortgage.

Even though monthly homeownership costs (mortgage, insurance, taxes) might sometimes be lower than rent, buyers need large down payments, strong credit, and cash for closing costs.

That’s a tall order in today’s economy.


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Renters are struggling more than homeowners

Recent Census Bureau data shows the extent of the squeeze:

• About 46% of renters in Greater Boston are “cost-burdened,” meaning they spend more than 30% of their income on housing.
• Only about 27% of homeowners experience the same burden.
• In Boston proper, the contrast is even starker: 46% of renters vs. just 2% of homeowners.

In some towns near Boston—like Strafford, NH, and Hingham, MA—renters are being pushed to the brink while homeowners remain relatively comfortable.


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So what’s driving the housing crisis?

Several factors are making the housing market more difficult to navigate:

• Higher rents: Rising demand has pushed rental prices far above what many can afford.
• Slow wage growth: Incomes haven’t kept pace with rising costs.
• Upfront costs for buyers: Even if monthly payments are manageable, down payments and fees are often out of reach.
• Interest rates: As borrowing becomes more expensive, monthly mortgage costs rise.
• Desirable locations: Popular neighborhoods like Beacon Hill, Seaport, and Back Bay drive prices even higher.

Thousands are leaving Boston for more affordable options

Last year, more than 35,000 people left Greater Boston in search of less expensive places to live.

When both renting and buying seem out of reach, relocating becomes one of the few viable solutions.



Also read: A shift in the rental market: Here’s what it could mean for your wallet

Buying might seem cheaper—but only on the surface

In some neighborhoods, the numbers suggest that owning is cheaper than renting.

But unless you’re in a solid financial position, that savings is often out of reach.

Upfront costs, credit score requirements, and additional monthly fees can make it hard for renters to transition into homeownership.

Still, for those who can buy, the long-term benefits include stability, equity, and freedom from rent increases.

The challenge is getting past the initial hurdles.

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Looking ahead: Can anything fix this?

Experts agree that meaningful action is needed to address Boston’s affordability crisis.

Possible solutions include:

• Building more affordable housing
• Introducing rent stabilization policies
• Supporting co-housing or community land trusts

But without bold change, the pressure on renters—and aspiring homeowners—will likely continue.



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Tips for navigating Boston’s housing market

If you’re trying to make things work in Boston, here are a few practical steps:

• Get financially prepared: Save for a down payment and improve your credit if you hope to buy in the future.
• Look into first-time buyer programs: MassHousing and the Massachusetts Housing Partnership offer resources to help with home purchases.
• Consider nearby towns: Some areas outside Boston may be more affordable, though they come with longer commutes.
• Try to negotiate your rent: Reliable tenants may have some room to bargain, even in a tight market.
• Get involved: Join local advocacy efforts pushing for more affordable housing solutions.

Whether you’re weighing the pros and cons of renting versus buying, or just trying to stay afloat in a challenging market, you’re not alone.

Boston’s housing crunch may feel overwhelming, but sharing insights, resources, and support can help all of us navigate it a little more clearly—one informed step at a time.

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Have you been affected by Boston’s housing crunch? Whether you’ve found a creative solution, decided to leave the city, or are navigating it one step at a time, we want to hear your story. Share your thoughts in the comments—because finding a way forward is easier when we support each other.