BOSTON – It’s becoming more difficult to buy a home, and a recent study by Harvard University investigated the reasons why.
The study, performed by the Joint Center For Housing Studies of Harvard University, found that a buyer looking for a home in the Greater Boston area needed an annual household income of more than $181,000 to purchase a median-priced home.
That statistic was calculated based on putting 3.5% down and on a 30-year fixed rate.
It has now served as a stark reminder of the seemingly growing hurdles between house hunting and home ownership.
“I thought moving from California to Massachusetts we would be able to level up without paying too much more, and that just wasn’t the case,” said Moe Bonneau.
Nicole Vermillion is a realtor in Quincy and said the recent market has been as competitive as she can remember.
“You have to be quick. You have to act fast and you have to be a very decisive person,” said Vermillion.
The realtor said prices of homes have shot up for several reasons, namely supply and demand.
Ever since the Federal Reserve started to raise interest rates in 2022, Vermillion said the market locally has started to cool slightly.
“There are a lot of price adjustments happening right now,” said Vermillion. “Pricing is going to be important, and I think buyers are being a little smarter about what they want to offer on a property.”
The study found that first-time home buyers…