Unemployment in Massachusetts fell to a jaw-dropping 3.6 percent in September, the lowest in more than 15 years, leaving little doubt the state has recovered from the Great Recession and its economy is steaming ahead.
New Englanders are known for eating ice cream year-round, but one sure sign of spring is the reopening of seasonal scoop shops. After going into hibernation for the winter, Gracie’s Ice Cream, in Union Square, Somerville, is back to the business of serving unique flavors like Pop-Tarts Pourri, St. Patrick’s Day Guinness, and Salty Whiskey, this time with a little help from their neighbors. Katrina Jazayeri and Josh Lewin, who own the newly opened Juliet next door, are helping Gracie’s owner Aaron Cohen smooth out operations and standardize practices behind the scenes.
Boston is becoming a home for renters again.
The homeownership rate in Greater Boston plunged last year, according to data released Thursday by the US Census Bureau, dipping below 60 percent for the first time on record.
The decline is in large part attributed to the recent population growth, driven by a wave of young adults moving into apartments around the region. People between the age of 20 and 34 have made up the vast majority of population growth in the core of the region in the last 15 years, said Barry Bluestone, a professor of public policy at Northeastern University.
Back in 1980, Americans didn’t pay much of a premium to live in the center of a city. Quite the contrary: many gladly paid more to live farther away. The average price for a two- or three-bedroom home right in the central business district was about $100,000 (in 1980 dollars). That figure dipped a bit as you made your way out of town, but then it popped back up as you entered the suburbs. By the time you were 10 miles away, that home price was higher than it was downtown, and as you kept moving out it pretty much kept going up until you hit truly rural areas.
It's no secret that Boston's millennial population is booming, but a new report shows that same group of young people will play a more active role in buying homes around the region next year.
Realtor.com, the official website of the National Association of Realtors, projects that the Boston area will rank as the country's fourth-busiest market for homebuyers between the ages of 25 and 34. The research was based on a formula of millennial population, employment growth and housing affordability.
"Driven by increasing income, millennials will seek out homes that meet the needs of their growing families – putting the most weight on the safety of the neighborhood and the quality of the home," according to the report.