FOX Business’ Gerri Willis Joins ‘Varney & Co.’ reporting on South Hadley, Massachusetts, residents vote for a 50% property tax hike as retirees warn of price gouging and a broader tax revolt grows across the country.
America’s “Cradle of Liberty” is becoming a center of high costs.
With housing prices nearly double the national average, Boston is struggling as high-skilled workers flee the city’s rising cost of living for greener — and cheaper — pastures in the South.
According to the 2026 Young Residents Survey, commissioned by the Greater Boston Chamber of Commerce Foundation, there is a growing lack of confidence among the city’s most important people: 26% of residents aged 20 to 30 plan to leave the Boston metropolitan area in the next five years.
Additionally, the local life satisfaction rate has dropped from 89% to 79% in just three years. 78% of respondents cited the cost of rent as a motivating factor, while 72% cited not being able to afford a home as the main reason for moving.
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For those planning to depart from the Northeast, almost half head south.
Young Bostonians in their 20s to 30s plan to leave the city in the next five years. (Getty Images)
“As the region faces a housing crisis, young citizens across the nation have shared concerns about housing availability and affordability,” the Foundation said in a press release. “When asked about the most urgent issues for local leaders, respondents noted that housing, access to health care and access to quality jobs should be prioritized.”
The median rent in Boston was $2,918 as of March, Realtor.com data shows, surpassing rents in New York City, San Francisco and Los Angeles. Its median home list price is $832,500, nearly double the national median.
While the city produces thousands of Harvard and MIT graduates, many still cannot afford to live and participate in the local economy.
“Young residents bring vitality and innovation to Greater Boston, building communities and driving our economic growth. However,” the Foundation said, “affordability in the region continues to be an issue as young residents struggle to find opportunities beyond challenges, such as housing and job growth. Competitors say affordable housing may appeal to younger residents who are eager to find rental or affordable housing.”
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Despite Gov. Maura Healey’s $5 billion-plus Affordable Homes Act, the state’s progress has been slow, leaving residents frustrated by the lack of results. Massachusetts even received an “F” grade on the Realtor.com State-by-State Housing Report Card because of its lag in buying and building.
“Three and a half years ago, we have 100,000 homes on the road. Is it enough? No,” said Gov. Healey during a recent radio show. “I need every community in the province to understand that housing is important to the movement of our neighbors.”
Economists warn that while mass exodus may cool rental prices, the long-term damage to the labor market and the creative sector could be permanent.
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Sotheby’s International Realty broker Jenna Stauffer analyzes the US housing market, noting a shift in buyer behavior, in ‘Making Money.’
“Boston’s youth have the highest college degrees that play an important role in the job market, the entrepreneurship and innovation scene, and the local resource economy,” Realtor.com chief economist Jake Krimmel told Realtors.
“That’s the root of Boston’s rental market problem: a seemingly endless supply of young, educated renters but not enough rental housing for them,” he added.
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