Industry News

High real estate prices can lead to job loss

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Rising home prices and rents in Massachusetts could continue a trend in job losses and out-migration unless more housing and particularly more affordable housing is made available, according to a reported prepared by Barry Bluestone, director at the Center for Urban and Regional Policy at Northeastern University. The report, commissioned by the Massachusetts Association of Realtors trade group, notes that the total population in Massachusetts shrunk by about 19,000 from July 1, 2003, to July 1, 2005, according to U.S. Census Bureau statistics. And the state had a 5 percent drop between 2001 and 2004 in the population of those 25-34 – while the nation as a whole saw a slight rise in population for this age group. Those leaving the state are going to Florida, New Hampshire, California, Arizona, North Carolina and Washington, among others. "What we know from a new analysis of living costs is that out of the 385 metropolitan areas in the United States (and 49 rural communities), Bo...