Homes and apartments in the Boston and Cambridge metro areas are among the most expensive in the nation, according to a new report.
In 2009, Boston and Cambridge ranked 15th nationwide for most expensive rents, according to the Center for Housing Policy’s new study. Monthly rent for a two-bedroom apartment was around $1,357 in 2009. In 2008, the Hub ranked 9th nationwide with rent for a two-bedroom apartment costing around $1,345.
The study compares and ranks the costs of buying or renting a home in more than 200 metropolitan areas with salaries for more than 60 occupations.
In the Cambridge metro area, the median home price was $326,000 in 2009, ranking it 13th in the nation. Barnstable and Boston metro area homes cost $300,000 and $290,000, respectively, ranking the areas 22nd and 23rd.
Overall, the income needed to purchase a median-priced home dropped in 93 percent of the homeownership markets studied between 2008 and 2009, yet many workers still do not earn enough to own a home, according to the report.
In addition, the typical rent for a two-bedroom home rose in 89 percent of the markets studied. The steady rise in rents and the decline in mortgage costs nationwide may reflect a continued shift in demand from homeownership to rental housing as families exit homeownership due to foreclosure and as renters wait for market stability before buying a home, the study found.
The San Francisco metro area had the most expensive homes and apartments in both 2008 and 2009. The median home price was $625,000, up from $575,000 in 2008. A two-bedroom apartment cost around $1,760 per month in 2009, a jump from 2008’s $1,658.





