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Report says Boston’s suburbs are turning into majority renter communities
The report highlights the challenges of finding affordable housing in Boston.
According to a new report from Point2Homes, Boston is one of five U.S. metro areas where the suburbs are gaining renters faster than the city core, highlighting the increasing unaffordability of the city center.
Between 2018 and 2023, the number of suburban rental households near Boston increased by 7%, adding approximately 25,500 renters.
In contrast, during the same time frame, urban households increased by only 5.2%, adding around 12,000 renters.
The report, which utilizes data from the U.S. Census Bureau, reveals that Brookline and Watertown have shifted from having a majority of homeowners to a majority of renters. The percentage of renters in Brookline is 54%, and in Watertown, it is 51%.
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Chelsea and Lawrence have the highest percentage of renters in the state, both at around 70%.
In addition, the report noted that several Boston suburbs added over 1,000 renter households, including Quincy, which saw an increase of 3,500, Lawrence, which saw a 3,317 increase, Brookline, which saw a 2,521 increase, and Medford, which saw a 1,675 increase.
Dallas, Minneapolis, Tampa, and Baltimore also saw suburban rental markets outpace their urban centers.
The report noted that certain factors contributed to the increase in suburban renters, such as remote work and the high cost of homeownership.
The report said, “The rise of the renter suburb is not a blip. It’s a fundamental shift in how Americans live and think about housing.”
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