The American “cradle of liberty” is quickly becoming the cradle of high costs.
With property prices almost twice the national average, Boston faces a generational flight as highly 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 confidence crisis among the city’s most vital demographics: 26 percent of residents ages 20 to 30 plan to leave the Boston metro area in the next five years.
Additionally, the region’s life satisfaction rate fell from 89% to 79% in just three years. Seventy-eight percent of respondents cited the cost of rent as the catalyst, while 72 percent cited the inability to purchase a home as the primary reason for leaving.
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Of those planning to leave the Northeast, nearly half are heading south.
Young Bostonians aged 20 to 30 are increasingly considering leaving the city in the next five years. (Getty Images)
“As the region grapples with a housing crisis, young residents from all backgrounds are sharing concerns about housing availability and affordability,” the Foundation said. said in a statement. “When asked about the most pressing issues for local leaders, respondents emphasized that housing, accessibility to health care and the availability of quality jobs should be priorities.”
The median asking rent in Boston was $2,918 in March, according to Realtor.com data, which exceeds rents in New York and San Francisco. and Los Angeles. The median listing price for one’s home is $832,500, almost double the national median.
While the city produces thousands of Harvard and MIT graduates, many no longer have the means to stay and contribute to the local economy.
“Young residents bring vitality and innovation to Greater Boston, building communities and leading our economic growth. However,” the Foundation said, “the region’s affordability continues to be a concern as young residents struggle to pursue opportunities that outweigh challenges, such as housing and career advancement. Competing states that are more affordable may be attractive to young residents eager to find more affordable and accessible housing to rent or purchase.”
Despite Governor Maura Healey’s $5 billion Affordable Housing Act, the state’s progress has been slow to nonexistent, leaving residents frustrated with the lack of results. Massachusetts even received an “F” grade in Realtor.com’s state-by-state housing report for falling behind in affordability and construction.
“Over the last three and a half years, we’ve had 100,000 homes planned. Is that enough? No,” Governor Healey said during a recent radio segment. “I need every community across the state to understand that housing is fundamental to the vibrancy of our neighborhoods.”
Economists warn that while a mass exodus could temporarily dampen rental prices, the long-term damage to the job market and innovation sector could be permanent.
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“Boston’s young people are overwhelmingly highly skilled college graduates who play important roles in the job market, entrepreneurship and innovation scene, and local service economy,” Realtor.com senior economist Jake Krimmel told the real estate media outlet.
“This is the root of Boston’s rental market crisis: a seemingly endless supply of young, educated renters, but never enough rental housing for them,” he added.
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