The Greater Boston Association of Realtors recently had its largest attendance ever for its annual Economic Expectations session held at the Federal Reserve Bank. Over three hundred experts registered for the event, eager for the good news they knew was coming.
Headlining the session were Dr. Michael Goodman, executive director of the Public Policy Center at UMASS Dartmouth and a co-editor of MassBenchmarks, a quarterly report on the Massachusetts economy; and Dr. David Stiff, principal economist for CoreLogic/Case Shiller.
The good news is in: Both experts in their fields were optimistic about the Greater Boston housing market, and the local economy, in the near term.
It can be hard to believe, but housing is as affordable as it’s ever been in metro Boston in terms of percentage of median family income spent on mortgage and interest. Take that in for a second.
There are some challenges. The labor market is very difficult for millennials at the moment, which makes climbing the property ladder a distant dream for some. Zoning regulations, too, limit the availability and production of housing.
However, the mood is positive and the economy is strong. It’s a good time to buy.