Boston’s affordability crisis drives young workers to consider leaving

Boston rent tops NYC and LA as young skilled workers flee to the south | Fox Business
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REAL ESTATE
Published
May 4, 2026 12:50pm EDT
Boston’s affordability crisis drives young workers to consider leaving
Survey finds nearly half of those leaving the Northeast are heading south as rent hits $2,918 a month in Boston
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By Kristen Altus FOXBusiness
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America’s "Cradle of Liberty" is fast becoming the cradle of high costs.
With home prices nearly double the national average, Boston is facing a generational drain 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 crisis of confidence among the city's most vital demographic: 26% of residents ages 20 to 30 plan to leave the Boston metro area in the next five years.
Additionally, the area’s life satisfaction rate has fallen from 89% to 79% in just a three-year period. Seventy-eight percent of respondents cited the cost of rent as the catalyst, while 72% cited the inability to buy 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 ages 20 to 30 are increasingly planning to leave the city in the next five years. (Getty Images)
"As the region struggles with a housing crisis, young residents across demographics shared concerns regarding 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, health care accessibility and availability of quality jobs should be prioritized."
The median asking rent in Boston sits at $2,918 as of March, Realtor.com data shows, which surpasses rents in New York City, San Francisco and Los Angeles. Its median home listing price is $832,500, almost double the national median.
While the city produces thousands of graduates from Harvard and MIT, many can no longer afford 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 seize opportunities that outweigh challenges, like housing and career growth. Competitor states that are more affordable may be appealing to young residents who are eager to find housing to rent or purchase that is more affordable and accessible."
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Despite Gov. Maura Healey’s $5 billion-plus Affordable Homes Act, the state's progress has been slow to nonexistent, leaving residents frustrated with the lack of results. Massachusetts even received an "F" grade on the Realtor.com State-by-State Housing Report Card for falling behind on affordability and construction.
"Over the last three-and-a-half years, we’ve got 100,000 homes in the pipeline. Is it enough? No," Gov. Healey said during a recent radio segment. "I need every community in the state to understand that housing is fundamental to the vibrancy of our neighborhoods."
Economists warn that while a mass exodus might temporarily cool rent prices, the long-term damage to the labor market and innovation sector could be permanent.
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"Boston's young people are overwhelmingly high-skilled college graduates who play an important role in the job market, entrepreneurship and innovation scene, and the local service economy, too," Realtor.com senior economist Jake Krimmel told the real estate outlet.
"That's the root of Boston's rental market crisis: a seemingly never-ending supply of young, educated renters but never enough supply of rental housing for them," he added.
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