Buyers struggle with housing affordability
Bay State Banner - 12/06/2017
Barry Bluestone, Professor of Political Economy at Northeastern University’s School of Public Policy and Urban Affairs, calculated what the cost for a homebuyer would be with an average credit score (680–699) and a 10 percent down payment for a $400,000 home. “[They] would need to spend $2,088 a month in principal, interest, and Boston property taxes, or about $25,000 a year for their home,” he said in an email to the Banner.
“If this homebuyer were not to spend more than 30 percent of their gross income to cover this cost, they would need an annual income of $83,528,” he added.