Photo Credit: Boston Indicators at the Boston Foundation
The Boston Foundation recently published its housing report card for 2023, a comprehensive look at housing costs, zoning, vacancy rates, and other key housing metrics for the Greater Boston area. With Boston ranking 3rd in the country for highest rental costs, the report examines the reasons contributing to the current housing crisis.
The report found that 51% of renters in the Greater Boston area were cost burdened, meaning their household spent over 30% of their income on housing costs. Most renters who make $75,000 a year or less are cost burdened by ever-rising housing costs. In order to work in Boston, families often find themselves living in overcrowded, substandard housing to maintain their employment. However, it can be harder for individuals to support their families if they move to less expensive areas outside the city.
When the cost of housing rises, household budgets are stretched to a point where it is difficult to cover other essentials including heat, electricity, and food. There is little room to save money for their children’s college education or retirement. The report claims that “housing is a universal human need and yet, as a region and a society, we continue to fall short of fulfilling that need for all.”
Lend A Hand Society seeks to lessen the financial and emotional burden renters are facing. Our grants, provided through the support of our generous donors, allow families to meet the critical needs of their household during times of economic hardship. To help families in our community, make a donation to Lend A Hand Society today.