New York

Boston Ranked 7th Most Expensive Real Estate Market in North America

This may not be surprising to most New Englanders, but Boston's real estate market is pretty unaffordable for many.

However, a new affordability survey has found that Boston's real estate market is the seventh most unaffordable in North America.

Researchers with Point 2 Homes analyzed data points, such as home prices and annual incomes, to determine real estate affordability of the 50 most-populated cities in the U.S., Canada and Mexico.

Data suggests that should someone buy a house in Boston and if they hypothetically put their entire income toward paying their mortgage, it would take seven years to pay it off.

What may be surprising to some real estate watchers is that the Canadian city of Vancouver topped the list. The New York Times reports the affordability crisis in Vancouver has been fueled by foreign investments in real estate, and Point 2 Homes researchers estimate it would take 17.3 years for someone to pay off their mortgage in that market.

Manhattan in New York City came in at number two on the list, San Francisco came in at third, and Brooklyn and the rest of the New York boroughs came in at fourth and fifth place, respectively. Los Angeles came in at sixth place for high real estate prices, while San Jose, Seattle and San Diego came in at eighth, ninth and 10th in the survey.

Detroit was ranked as the most affordable city in North America.

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