Study: Boston’s median rent higher than NYC’s
You might want to cross cheaper rents off Boston’s list of advantages over New York City.
We still have cleaner streets and a better marathon. But according to a new study by New York University’s Furman Center for Real Estate and Urban Policy, Boston had the nation’s third-highest median rent in 2013, behind only D.C. and San Francisco.
That’s right— median rent in NYC was slightly lower than it was in Boston.
The 2006-2013 study had good news for Boston’s low-income renters, who fared well compared to other cities in terms of burden.
“The share of low-income renters who were severely burdened was lowest in Boston, at 60 percent,’’ the Furman Center reported. “A sizable majority of low-income renters were severely rent burdened in every city in this study, and at least three-quarters of low-income renters were severely rent burdened in four of our 11 cities.’’
Moderate-income tenants haven’t been escaping Boston’s higher-than-high rent by buying. Instead, the findings show that the number of renters in Boston has risen drastically since the 2006-2009 housing-bubble collapse. About 60 percent of Boston rented in 2013, which is almost double the national average of 35 percent. That rent wasn’t cheap.
But 2013 wasn’t the only year things were harder for Boston renters. The Furman Center said: “In 2006, 40 percent of moderate-income Boston renters were severely rent burdened, the highest share among the cities we studied and significantly higher than in New York City, which had the second-highest share (33 percent).’’
The Associated Press reports that 1 million apartments in New York City are rent-controlled. This may be why the NYU study found that New York City’s median rent was $1,228 in 2013, just shy of Boston’s $1,263 median. The most recent US census says Boston’s median household income for 2009-2013 was $53,601, while New York City’s was $58,003.
“Rent control is not a tool that is available, as it was rendered illegal by a statewide referendum in 1992,’’ Lisa Pollack, spokeswoman for Mayor Marty Walsh’s Department of Neighborhood Development told Boston.com. “Mayor Walsh recognizes that middle-income homeownership remains a challenge.’’
NYU found that Boston had the best rent-change to income-change ratio: rents rose four percent while incomes rose 15 percent. Despite having lower median rent than Boston, New York City had the worst income/rent stats, with a 12 percent rent increase and no change in income.
“Under Mayor Walsh’s leadership, the City of Boston leads the nation in affordable housing, with nearly one-fifth of our housing stock set aside for lower-income households,’’ Pollack said. “The Walsh Administration is committed to maintaining that leadership, as evidenced by the recent award of $39 million in funding to create 1,100 new units of affordable housing.’’
Boston had the highest share of affordable housing units in 2013, according to the study. The share of moderate-income renters who were severely rent burdened dropped by seven percent— the biggest decrease of the 11 cities.
Earlier this month Mayor Walsh announced Boston 2030, which a press release called the city’s first “citywide planning process in 50 years,’’ aiming “to create a roadmap for success leading up to Boston’s 400th birthday.’’ The plan highlights a need to create “housing that keeps Boston accessible to all.’’
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