Boston’s sky-high cost of living pushes young professionals to look south
America’s “Cradle of Liberty” is fast becoming the cradle of high costs — and young workers are voting with their feet.
With home prices nearly double the national average, Boston is facing a generational drain as skilled professionals flee the city’s rising cost of living for more affordable opportunities in the South. According to the 2026 Young Residents Survey, commissioned by the Greater Boston Chamber of Commerce Foundation, 26% of residents aged 20 to 30 plan to leave the Boston metro area within the next five years.
The region’s life satisfaction rate has dropped from 89% to 79% in just three years. Among those planning to leave, 78% cited rent costs as the main driver, while 72% pointed to the inability to buy a home. Of those exiting the Northeast, nearly half are heading south.
“As the region struggles with a housing crisis, young residents across demographics shared concerns regarding housing availability and affordability,” the Foundation said in a statement. “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 hit $2,918 in March, according to Realtor.com — surpassing New York City, San Francisco, and Los Angeles. The median home listing price is $832,500, nearly double the national figure. Despite producing thousands of graduates from Harvard and MIT each year, 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,” the Foundation noted. “However, 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.”
Governor Maura Healey’s $5 billion-plus Affordable Homes Act has shown little tangible progress, leaving many frustrated. Massachusetts 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,” 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.
“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,” said Jake Krimmel, senior economist at Realtor.com. “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.”
Local voices weigh in
Sarah Mitchell, a 27-year-old software engineer who moved to Austin last year, said she felt priced out of Boston despite a six-figure salary. “I loved the city, but my rent kept climbing and buying a home felt like a fantasy. In Austin, I got a two-bedroom for what I paid for a studio in Somerville. It’s not just about money — it’s about having a future.”
Jake Morrison, a 29-year-old MIT graduate working in biotech, is staying for now but feels the pressure. “I want to believe the city will fix this, but every year it gets harder. My friends are leaving one by one. If things don’t change in the next two years, I’ll be gone too.”
But not everyone is patient. Maria Torres, a 25-year-old marketing associate, didn’t hold back. “Boston is a joke. They brag about Harvard and MIT but can’t keep the people who actually make the city run. The governor’s plan is a Band-Aid on a bullet wound. I’m moving to Nashville next month, and I can’t wait.”
As the city grapples with its identity as both a hub of innovation and a place increasingly out of reach for the young, the question remains: can Boston afford to lose its next generation?