Boston Housing Market: Achieving Homeownership Amid Rising Prices

Boston, September 24, 2025

News Summary

The median price of single-family homes in Boston has surpassed $1 million, causing pressure on long-term residents. However, Pedro Miranda’s recent condo purchase in Mattapan highlights that homeownership remains attainable with proper assistance. Programs like Boston’s first-time homebuyer support help eligible households with significant down payment assistance. The new Co-Purchasing Housing Pilot Program is also introduced to facilitate multiple families buying properties together. This reflects ongoing community efforts to navigate the competitive housing market while achieving homeownership for residents.

Boston — The median price of a single-family home in Boston surpassed $1 million this summer. Local housing costs have put pressure on longtime residents, but a recent purchase by a city worker shows homeownership remains possible with directed help.

Key developments at a glance

Pedro Miranda, a horticultural expert at Franklin Park Zoo, recently purchased a condo in Mattapan, a few miles from his job. Miranda’s purchase of a condo was made possible through matched savings and financial coaching provided by IBA. In 2024, the average market-rate two-bedroom condo in Boston reached a price of $790,000. Boston offers a first-time homebuyer assistance program that provides up to $50,000 to households earning up to 100% of the area median income (AMI). Households earning up to 135% of AMI are eligible for up to $35,000 in assistance.

How one purchase illustrates pathways to ownership

Pedro Miranda had nearly 30 years of renting and moving around Boston, living in areas such as Roslindale, Hyde Park, and Jamaica Plain. Originally from Puerto Rico, Miranda lived for 15 years at Villa Victoria, an affordable housing community managed by IBA (Inquilinos Boricuas en Acción). IBA provided Miranda with support through financial empowerment programs to help him transition from renting to homeownership.

Miranda now feels he has something to build equity in after completing the condo purchase. IBA’s services include helping clients understand finances, build credit, and accumulate assets. In the past year, IBA has helped two families buy homes and has another dozen in the process. IBA leadership highlighted that the high cost of the real estate market deters potential buyers, while also noting that coordinated support can make purchase outcomes achievable.

Affordability, purchasing power and market context

A household earning around $130,000 (approximately 100% of AMI) has a purchasing power of about $500,000, but only 12% of homes in the market are priced below this amount. Many individuals seeking homeownership are opting to co-purchase multifamily properties with friends or family to increase financial viability. The new Co-Purchasing Housing Pilot Program allows multiple families to join on a single mortgage, with each assessed individually for eligibility. To qualify for the program, each participant must be a primary resident and a first-time homebuyer with less than $100,000 in liquid assets. While the assistance will not fully cover down payments for larger properties, it provides significant support.

Why co-purchasing is gaining interest

Co-purchasing can reduce financial risks and improve shared living experiences, such as sharing transportation and chore responsibilities. The program structure that assesses each buyer individually aims to make mortgages accessible to households that would struggle to qualify alone. For some buyers, combining incomes and sharing costs has become a practical response to a market where many listings exceed typical first-time buyer budgets.

Program mechanics and city supports

Boston’s first-time homebuyer assistance provides tiered support: up to $50,000 for households at or below 100% AMI and up to $35,000 for households up to 135% AMI. The Co-Purchasing Housing Pilot Program requires primary residency and first-time buyer status for each participant, plus liquid assets under $100,000. These programs are designed to lower upfront barriers such as down payment and closing costs, though they do not always cover the full amount needed for higher-priced properties.

Implications and outlook

The convergence of rising median prices and targeted assistance programs points to a mixed landscape: many buyers face constrained options in a market where two-bedroom condos and single-family homes often exceed the purchasing power of typical first-time buyers, yet community-based financial coaching and matched savings programs are producing some successful transitions to ownership. Local organizations report continued demand for guidance and capital support as the city’s housing market remains competitive.

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• NBC Boston: Financial Coaching for Buying a Boston Home
• Realtor: Boston Historical Church Conversion for Affordable Housing
• Smart Cities Dive: Boston’s New Path to First-Time Homeownership
• Axios: Boston’s Median Home Price Hits $1 Million
• Boston Agent Magazine: Boston’s Housing Market Surpasses $1 Trillion
• Wikipedia: Boston
• Google Search: Boston housing market
• Google Scholar: Boston housing affordability
• Encyclopedia Britannica: Boston
• Google News: Boston housing crisis

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