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Housing Progress in Massachusetts

Housing Progress in Massachusetts. Jobs for Massachusetts Barry Bluestone Dean, School of Social Science, Urban Affairs, and Public Policy Director, Center for Urban and Regional Policy Northeastern University Boston Federal Reserve Bank March 13, 2007.

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Housing Progress in Massachusetts

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  1. Housing Progress in Massachusetts Jobs for Massachusetts Barry Bluestone Dean, School of Social Science, Urban Affairs, and Public Policy Director, Center for Urban and Regional Policy Northeastern University Boston Federal Reserve Bank March 13, 2007

  2. Massachusetts Employment Trends and Population Dynamics

  3. U.S. Bureau of Labor Statistics

  4. U.S. Bureau of the Census

  5. U.S. Census Bureau

  6. U.S. Bureau of the Census

  7. Where did they go?

  8. Greater Boston Median Single Family Home Price 1987-2006 Source: The Warren Group Publications

  9. 2005Class A Apartment Rents Source: Forbes Magazine Calculations based on 900 Sq.Ft. Apartment

  10. Boston $64,656 Universe: 304 U.S. Metro Areas Source: Economic Policy Institute, “Family Budget Calculator, 2005”

  11. Greater Boston Family Budget 4 Person Family with 2 Children Among 304 U.S. Metropolitan Areas • Housing Costs: 7th Highest MSA • Child Care: 7th Highest MSA • Health Care: 7th Highest MSA • Personal Care: 6th Highest MSA • Fed/State Tax: 2nd Highest MSA • Total Cost: 1st Highest MSA Economic Policy Institute, Family Budget Calculator, 2005

  12. Top Decile: Metro Area Cost of Living Boston $ 64,656 Washington (D.C. portion) $ 61,440 Nassau-Suffolk, NY $ 60,780 Stamford-Norwalk, CN $ 60,720 Lawrence (Mass. portion)$ 59,280 New York, NY $ 58,656 Barnstable-Yarmouth, MA$ 58,236 San Francisco, CA $ 57,624 Worcester (Mass. portion)$ 55,704 Springfield, MA$ 55,320 Minneapolis-St. Paul, MN $ 54,948 Nashua, NH $ 54,852 Santa Cruz-Watsonville, CA $ 53,808 Oakland, CA $ 53,412 San Jose, CA $ 52,800 Pittsfield, MA$ 52,632 Rochester, MN $ 51,288 Monmouth-Ocean, NJ $ 50,736 San Diego, CA $ 50,088 Newark, NJ $ 49,992 New Haven-Meriden, CN $ 49,848 Honolulu, HI $ 49,824 Philadelphia (Pa. portion) $ 49,716 Boulder-Longmont, CO $ 49,596 Bridgeport, CN $ 49,272 Manchester, NH $ 49,152 Santa Rosa, CA $ 48,924 Albany-Schenectady-Troy, NY $ 48,900 Hartford, CN $ 48,684 Trenton, NJ $ 48,576 Rochester, NY $ 48,540 Universe: 304 U.S. Metro Areas Economic Policy Institute: Family Budget Calculator

  13. Boston Monthly Housing $1,266 Monthly Food $ 587 Monthly Child Care $1,298 Monthly Transportation $ 321 Monthly Health Care $ 592 Monthly Other Necessity $ 500 Monthly Taxes $ 824 Monthly Total $5,388 Annual Total $64,656 Raleigh-Durham-Chapel Hill Monthly Housing $ 779 Monthly Food $ 587 Monthly Child Care $ 866 Monthly Transportation $ 358 Monthly Health Care $ 368 Monthly Other Necessity $ 369 Monthly Taxes $ 350 Monthly Total $3,677 Annual Total $44,124 A Tale of Two CitiesBasic Budget2 Parents, 2 Children A Tale of Two Cities Source: Economic Policy Institute, “Family Budget Calculator, 2005”

  14. Boston ($1,266) Source: Economic Policy Institute, “Family Budget Calculator, 2005”

  15. The Impact of Housing Prices and Cost of Living on the Massachusetts Economy Impact on Employment Impact on Net Internal Migration

  16. 2.91% 2.29% 1.49% 1.53% 0.95% 0.86% 0.68% 0.12% -0.62% -0.68% Low Price High Price Universe: 245 U.S. Metro Areas Economic Policy Institute, “Family Budget Calculator, 2005”; U.S. Bureau of Labor Statistics

  17. Boston MSA (-4.9%) Universe: 245 U.S. Metro Areas Economic Policy Institute, “Family Budget Calculator, 2005”; U.S. Bureau of Labor Statistics

  18. 2.53% 1.98% 1.09% 1.06% 0.84% 0.93% 0.62% 0.50% -0.02% -0.21% Low Cost High Cost Universe: 245 U.S. Metro Areas Economic Policy Institute, “Family Budget Calculator, 2005”; U.S. Bureau of Labor Statistics

  19. Boston MSA (-5.2%) Universe: 304 U.S. Metro Areas Economic Policy Institute, “Family Budget Calculator, 2005”; U.S. Bureau of the Census

  20. Universe: 304 U.S. Metro Areas Economic Policy Institute, “Family Budget Calculator, 2005”; U.S. Bureau of the Census

  21. The Massachusetts Housing Pipeline A Good Start at Permitting New Housing

  22. Housing Unit Pipeline in Greater Boston 2003-2005 1993-2002 Source: U.S. Census; pre-1980 compiled by BRA Research Department

  23. The Smart Growth 40R Housing Pipeline

  24. Lagging “Starter” Homes

  25. Housing Production Up in Massachusetts … but Still a Lingering Problem for Young Families

  26. New “Starter” Home Proposal • Proposing new legislation to encourage voluntary local zoning for modest priced “starter” homes • 1,700 s.f./3 Bedroom • 5-8 units per acre • Affordable units at 150% of AMI • State pays 100% of local school costs • State local aid bonuses to encourage re-zoning and permitting • Higher bonuses than Chapter 40R Payments

  27. CHTF: 2007 Agenda • Continue to encourage municipalities to adopt Chapter 40R • Work with Governor and Legislature to assure permanent funding for 40R and 40S • Develop new legislative program for “starter” homes • Develop new program for low income family rental housing using innovative financing mechanisms

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