Mar 11, 2024 - Real Estate
It takes 40 years for singles to save for a starter home in Boston
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It takes single people in Boston 31 more years to save for a starter home than couples, per a recent Point2 study.
Why it matters: Dual-income partners earn over twice what singles do, according to the data.
- Boston is one of the least affordable markets in the country for anyone, regardless of their marriage status.
- Renting is still cheaper month-to-month than paying a mortgage.
Zoom in: The median income for singles is $48,338, compared to $101,265 for couples, per Point2 data.
- The study assumes people are saving 20% of their income for a downpayment.
- A starter home is defined as the median price of the cheaper third of listings in the region.
- This calculation assumes a 6.6% mortgage rate. Current mortgage rates are hovering around 7%.
The big picture: It takes single people four times longer than couples to save for a starter home in the U.S., per Point2.
- It's even worse than Boston in some places, like in California, where it would take people an entire lifetime to save for a house.
Between the lines: The timeline for comfortably buying a house largely depends on where you live.
- On the West Coast and northeast cities, singles need decades longer to save for a starter home.
- In the Midwest, being partnered doesn't give you a huge leg up.