![]() Massachusetts vies with Arizona for the state with the widest income span in the nation. On the other hand, the lack of new single-family homes on the market in Massachusetts reveals a sluggish rate of new construction since 2008.Īnother factor – and another one of the state's marked contrasts – is the wide income gap among wage earners. Analysts believe the low poverty rate is due to the fact that the state draws highly educated workers to its many jobs in technology, health and higher education. Its poverty rate – one of the nation's lowest – has remained stable throughout the past decade as has its annual incomes. On some levels, it appears Massachusetts came through the recession well. How Massachusetts Weathered the 2008 Recession The average rental price in Massachusetts was $2,600. The median listing price for a home in the state was $419,900 with the median price per square foot at $243. That value represents an increase of 7.1 percent over the previous year, and analysts expect values will rise 2.7 percent over the next year. The median home value in Massachusetts was $377,200 in September 2017. That demand for inventory is driving up prices across the state. June 2017 marked the 64 th time in 65 months that the state's inventory of single family homes decreased when compared with the previous month, according to an article in the Boston Globe. However, the law of supply and demand has a big impact on Massachusetts real estate. Not only are two of the most highly ranked universities in the word located there – Harvard University and the Massachusetts Institute of Technology – but the Massachusetts public school system also ranks as one of the nation's best.Ĭenturies old homes dot the landscape while modern glass high-rises fill the Boston skyline. The state prides itself on its education system. ![]() Originally a state dependent on fishing and farming, the state’s economy switched over to manufacturing after the Industrial Revolution and has shifted again in recent decades to focus more on engineering, finance and biotechnology. ![]() The Pilgrims landed in 1620 in Plymouth, and much of America's early history can be traced to the Commonwealth of Massachusetts. Massachusetts is the site of the first colony in New England. A few of the most notable ones are rural versus urban, historical versus modern and rich versus poor. With more than 70 percent of its population living in the Greater Boston area, Massachusetts is a study in contrasts. The metro Boston area has an estimated population of 4,794,447 while 6,811,779 live across the state. ![]()
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