Boston

blue

Axios Boston Partners

Axios Boston

Standard

Boston Alerts

Alert

Axios Boston Thought Bubble

Thought Bubble

Boston Members

Membership

Data: GasBuddy; Note: Price as of the 1st of each month; Chart: Axios Visuals

Boston drivers spent an average of $3.37 for every gallon of gas in February, per GasBuddy data. That's down 7% from the same time last year, and about the same as January.

Nationally, gas cost about $3.40 per gallon in February — down 6% year over year, but up 2% from January.

The big picture: Cheaper gas is good news for American consumers, especially commuters.

Yes, but: Lower prices may disincentivize drivers from switching to more efficient cars, going electric or embracing public transit — all of which can have big environmental benefits.

Why it matters: More than three-quarters of American commuters drive to and from work, meaning they're particularly sensitive to the ebbs and flows of prices at the pump — especially as other basic goods also get more expensive.

Gas prices are also a political football, rightfully so or not.

When they're high, many Americans tend to blame whoever's sitting in the Oval Office — even though they lack significant control over the cost of commodities priced on global markets, oil included.

Driving the news: Crude oil prices have fallen over the past year, leading to cheaper automotive gas.

Oil prices spiked last year amid uncertainty over Russia's invasion of Ukraine and the economic sanctions against Russia — a major oil producer — that followed.

While the fighting drags on, oil markets have largely stabilized, as CNN reports.

Zoom in: San Francisco has among the country's highest average gas prices, at $4.76 per gallon in February.

Houston drivers are enjoying some of the cheapest prices nationwide, at just $2.93 per gallon.

Reality check: As Axios' Joann Muller recently found, charging up an EV isn't always significantly cheaper than filling a tank with gasoline — especially on road trips.

Electric cars aren't perfectly clean, either. Mining for the requisite materials can damage local ecosystems, while EVs' environmental benefit is lessened if they're charged with "dirty power" from, say, a coal plant.

Gas prices are falling in the Boston area

Cheaper gas is good news for American consumers, especially commuters.

Gas prices

Boston drivers spent an average of $3.37 for every gallon of gas in February, per GasBuddy data. That&#x27;s down 7% from the same time last year, and about the same as January.<ul><li>Nationally, gas cost about $3.40 per gallon in February — down 6% year over year, but up 2% from January.</li></ul>

News

Data: RE/MAX; Note: Overall number includes 50 metro areas analyzed by RE/MAX; Table: Kavya Beheraj/Axios

Home sales were down 19.1% year over year in the Boston metro area, per RE/MAX’s February report.

Why it matters: In 2022, potential buyers were desperate for more inventory. Now, homes are hitting the market but people can’t afford them.

What’s happening: Rates for a 30-year loan were at 6.09% in early February, and shot up to 6.65% by the end of the month, per Freddie Mac.

Sales were down 15.4% in February compared to January.

Inventory has crept up 15.6% since last February as sales have slowed.

It took an average of 31 days to sell a home last February. In February 2023, it took 36.

The median sale price went up 1.4%, from $550,000 to $557,500.

Zoom out: Because there’s less competition right now, buyers don’t have to front as much cash as they did a year ago, Axios’ Emily Peck reports.

Between the lines: Buyers who can afford these mortgage rates have more power.

They have more options than a year ago, they can take their time searching and they can make offers that aren’t wildly above list price.

Yes, but: These rates make buying unaffordable for many.

What's next: Mortgage rates dropped nearly a quarter point this month, which means buyer activity will likely pick back up.

Boston mortgage rates curb home sales

Homes are hitting the market but people can’t afford them.

Home sales were down 19.1% year over year in the Boston metro area, per RE/MAX’s<a class="gtmContentClick" data-vars-link-text=" February report" data-vars-click-url="https://www.prnewswire.com/news-releases/remax-national-housing-report-for-february-2023-301774754.html" data-vars-content-id="29379792-9ba8-4f36-9303-713aa1eec26b" data-vars-headline="Boston mortgage rates curb home sales" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.prnewswire.com/news-releases/remax-national-housing-report-for-february-2023-301774754.html" target="_blank"> February report</a>.Why it matters: In 2022, potential buyers were desperate for more inventory. Now, homes are hitting the market but people can’t afford them.

Real Estate

Massachusetts home prices continue to far outpace the national average, but could begin cooling in 2023.

Why it matters: Any relief from sky-high home prices is welcome, especially as mortgage rates creep up.

By the numbers: The Boston metro area's median home sales price was $610,000 in January, up just about 2% from last year and less than a percent from December.

Inventory skyrocketed nearly 54% from the same time last year.

Zoom out: Nationally, the median home sales price in January was $359,000.

Sales were down 36.9% from the previous year.

What’s next: Spring, which is typically marked by high demand, more competition and higher home prices, is right around the corner.

If spring 2023 follows typical trends, we should expect home prices to rise again in the near future.

Yes, but: Experts predict 2023 will see a far less frantic housing market than last year.

The bottom line: We're starting to see a moderate market correction, but home values aren't falling.

Boston home prices cool off a bit

The Boston metro area's median home sales price was $610,000 in January.

Massachusetts home prices continue to far outpace the national average, but could begin cooling in 2023.Why it matters: Any relief from sky-high home prices is welcome, especially as<a class="gtmContentClick" data-vars-link-text=" mortgage rates creep up" data-vars-click-url="https://www.freddiemac.com/pmms" data-vars-content-id="51ed7d36-4adf-43b1-ad87-951040bf9bbb" data-vars-headline="Boston home prices cool off a bit" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.freddiemac.com/pmms" target="_blank"> mortgage rates creep up</a>.

Data: Annie E. Casey Foundation; Map: Tory Lysik/Axios Visuals

Child care issues have forced some Massachusetts families to quit jobs to stay home with a kid, according to a new report by the Annie E. Casey Foundation.

Why it matters: The report released last week shows how deeply families struggle to stay afloat while working and paying for child care, writes Axios' Astrid Galván.

State of play: The annual average cost of child care for one kid was $19,961 in Massachusetts in 2021, about 53% of the median income for single mothers and 13% of the income for a married couple, according to the report.

12% of Massachusetts children lived with a family member who quit, changed or refused a job because of child care issues in 2021.

Zoom in: Massachusetts ranked third in overall child well-being according to the Casey Foundation report. In specific categories, Massachusetts ranked first in education and health, 14th in family and community and 20th in economic well-being.

The study found 29% of Massachusetts children have parents that lack secure employment. 30% of Mass. children live in households with a high housing cost burden.

Zoom out: The average annual cost of child care nationwide was $10,600. That number has increased by 220% since 1990, outpacing inflation.

The big picture: The inaccessibility of child care disproportionately affects women, single parents, families of color, immigrant families and those who live in poverty, experts say.

By the numbers: About 17% of Black children and 16% of Latino kids ages 5 and under lived with a family member who had to quit, change or refuse a job because of child care issues in 2021.

The same was true for 10% of white non-Hispanic children.

What they’re saying: "The child care costs can be so burdensome that they struggle to pay their rent, to buy food, to buy diapers and clothing for their children," says Leslie Boissiere, vice president of external affairs at the Annie E. Casey Foundation.

average annual cost nationwide was $10,600

Child care costs are burdening Massachusetts parents

The annual average cost of child care for one kid was $19,961 in Massachusetts in 2021.

<a class="gtmContentClick" data-vars-link-text="Child care issues" data-vars-click-url="https://www.axios.com/2023/04/21/us-economy-caregiving-data" data-vars-content-id="799223d8-e513-4dad-9804-49c1bbf73304" data-vars-headline="Child care costs are burdening Massachusetts parents" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/04/21/us-economy-caregiving-data" target="_self">Child care issues</a> have forced some Massachusetts families to quit jobs to stay home with a kid, according to a new report by the <a class="gtmContentClick" data-vars-link-text="Annie E. Casey Foundation" data-vars-click-url="https://assets.aecf.org/m/databook/aecf-2023kidscountdatabook-embargoed.pdf" data-vars-content-id="799223d8-e513-4dad-9804-49c1bbf73304" data-vars-headline="Child care costs are burdening Massachusetts parents" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://assets.aecf.org/m/databook/aecf-2023kidscountdatabook-embargoed.pdf" target="_blank">Annie E. Casey Foundation</a>.Why it matters: The report released last week <a class="gtmContentClick" data-vars-link-text="shows how deeply families struggle to stay afloat" data-vars-click-url="https://www.axios.com/2023/06/15/child-care-daycare-costs-states-parents" data-vars-content-id="799223d8-e513-4dad-9804-49c1bbf73304" data-vars-headline="Child care costs are burdening Massachusetts parents" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/06/15/child-care-daycare-costs-states-parents" target="_self">shows how deeply families struggle to stay afloat</a> while working and paying for child care, writes Axios&#x27; Astrid Galván.

The number of Boston buildings vulnerable to hurricane-caused wind damage could rise by 22% over the next 30 years, new research finds.

84,700 buildings could be vulnerable by 2053, compared to 69,500 today.

That's based on research from the nonprofit First Street Foundation, using peer-reviewed computer modeling of the intensity and tracks of more than 50,000 simulated tropical cyclones in a warming climate.

The researchers made projections for a 1-in-3,000-year storm, meaning such an event has a 0.0333% chance of hitting in any given year — a standard commonly used in setting building codes.

Why it matters: How hurricane-related wind damage risks are priced into insurance policies and whether they are disclosed to prospective home buyers has major implications for the real estate and insurance industries, writes Axios' Andrew Freedman.

Increasingly powerful storms have ravaged the New England coast and costs are mounting for maintaining homes along the ocean or in flood-prone areas.

Zoom in: Two Massachusetts counties are expected to face some of the highest increases in the country in economic losses due to hurricane winds over 30 years.

Essex County is expected to see a 77% increase from an annual loss of about $1.9 million in 2023 to $3.4 million in 2053.

Plymouth County is expected to see a 69% increase from a loss of $5.2 million in 2023 to $8.8 million during that time.

By the numbers: The researchers found that more than 13.4 million properties nationwide will be exposed to tropical storm force or greater wind risk in 30 years that are not currently.

Property level damage estimates from hurricane winds are likely to rise from an annual loss of about $18.5 billion in 2023 to $19.9 billion in 2053.

Boston not immune from growing hurricane wind problem

84,700 Boston buildings could be vulnerable by 2053, compared to 69,500 today.

Hurricane Maria whipped through New England in 2017. Photo: Ron Pownall/Getty Images

The number of Boston buildings vulnerable to <a class="gtmContentClick" data-vars-link-text="hurricane-caused wind damage" data-vars-click-url="https://www.axios.com/2022/09/29/hurricane-ians-rapid-intensification-climate-change" data-vars-content-id="88dd124a-713c-41a4-bac1-eb2eeb4edada" data-vars-headline="Boston not immune from growing hurricane wind problem" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2022/09/29/hurricane-ians-rapid-intensification-climate-change" target="_self">hurricane-caused wind damage</a> could rise by 22% over the next 30 years, <a class="gtmContentClick" data-vars-link-text="new research finds" data-vars-click-url="https://firststreet.org/research-lab/published-research/article-highlights-from-worsening-winds/" data-vars-content-id="88dd124a-713c-41a4-bac1-eb2eeb4edada" data-vars-headline="Boston not immune from growing hurricane wind problem" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://firststreet.org/research-lab/published-research/article-highlights-from-worsening-winds/" target="_blank">new research finds</a>.<ul><li>84,700 buildings could be vulnerable by 2053, compared to 69,500 today.</li></ul>That&#x27;s based on research from the nonprofit First Street Foundation, using peer-reviewed computer modeling of the intensity and tracks of more than 50,000 simulated tropical cyclones in a warming climate.

Axios Local

Featured stories

Snow survival 101: How to stay safe during a winter storm

Poll: Vote for the best animal story in America

America Votes: Scenes from polling places

Teacher influencers we're following on TikTok

How Penn State fits into the expanded Big Ten