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As one of the most expensive states in the nation, high housing costs and lack of supply are impacting every corner of the Commonwealth. As the third most expensive state to rent a home and fifth to purchase a home, affordable housing remains out of reach for Massachusetts residents at all income and education levels.
The high cost of housing has people packing up and leaving our great state altogether. Between 2020 and 2022, over 110,000 residents left Massachusetts for more affordable homes and a better quality of life—the highest outmigration in thirty years. If we fail to act, we will continue to lose the glue that holds our communities together and helps our economy thrive—people. It will be impossible for Massachusetts to maintain its competitive edge with our talent fleeing to more affordable states. Those who stay will face higher financial burdens and increased barriers to economic mobility, perpetuating racial and economic divisions. Massachusetts projects a need for 200,000 more homes by 2030 in order to stabilize home prices and rents. To tackle this challenge, we’ll need a diverse mix of homes in all 351 cities and towns across the state. To that end, the Neponset River Regional Chamber recently joined "Our Massachusetts: Homes for a Thriving Commonwealth" a state-wide coalition of business, civic, non-profit, education, faith-based, and community leaders with a common goal: build 200,000 homes throughout the Commonwealth for people across income levels by 2030. The future of housing and the future of the Massachusetts economy are undeniably linked. The business case for investing in more housing in Massachusetts is clear: employers can’t hire and retain the employees they need. As rents and home prices get increasingly out of reach, people are moving farther away and looking to other states for affordability and a better quality of life. Business leaders consistently flag talent retention as central to their decision to locate or stay in Massachusetts. And, local businesses struggle to fill shifts. We applaud the legislature for approving Governor Healey's Affordable Homes Act this week to begin the task of reaching these ambitious goals. As for the Economic Development bill... Tom O'Rourke President and CEO Comments are closed.
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