The dream of having your own apartment, let alone owning a home, feels further out of reach for many Bostonians. It certainly feels more out of reach for many young adults than it did for their parents. Economic pressures, rising rents, and a competitive housing market are forcing a generation to rethink what “home” means.
Rising Costs Have Redefined “Affordable”
In 2010, the median rent for a one-bedroom apartment in Boston hovered around $1,900. Today, that figure is well over $3,000 in many neighborhoods, and even higher in sought-after areas like Back Bay or the Seaport. At the same time, wages for many entry-level and early-career jobs have not kept pace with these increases. This means young adults are spending a greater share of their income on housing than ever before, often far above the recommended 30 percent.
Living with Parents or Roommates Longer
Economic anxiety has made “boomeranging” (moving back in with parents) more common. For others, staying in a multi-bedroom apartment with several roommates into their late twenties or thirties is a financial necessity. While this helps save on rent, it can delay other life milestones, especially buying a home.
The “Maybe Someday” Approach to Homeownership
In years past, a down payment on a starter home was a reachable goal with a few years of saving. Now, with median home prices in Boston topping $800,000, many young people have shifted their priorities. Instead of aggressively saving for a home, they may be choosing to travel, invest in further education, or simply maintain a cushion for emergencies — recognizing that buying in Boston may be years away or require relocating entirely.
Creative Housing Alternatives Are Emerging
Some young adults are exploring unconventional housing solutions. Co-living spaces, long-term house-sitting arrangements, and even purchasing multi-family properties with friends are becoming more common. These strategies allow for shared costs and the possibility of building equity while bypassing traditional entry points into the housing market.
The Emotional Toll of Housing Insecurity
Beyond the financial implications, the uncertainty around housing weighs heavily. Young Bostonians talk about the constant stress of rising rents, fear of eviction if a landlord sells, and the anxiety of not knowing where they’ll live in two years. For many, the lack of stability is just as challenging as the cost itself.
What This Means for Greater Boston’s Future
If the current trajectory continues, Boston risks losing some of its young talent to more affordable cities. Policymakers, developers, and community leaders will need to address affordability if they hope to retain a vibrant, diverse, and economically strong population of young professionals.
About the Author
Daniel Amodeo is the President of Amo Realty, serving clients throughout Greater Boston. With years of experience navigating the city’s rental and sales market, Daniel Amodeo helps clients adapt to changing market conditions and make informed housing decisions.
