New Bedford Guide Your Guide to New Bedford and South Coast, MA
According to a new report produced by the Regeneration Project Committee of the New Bedford Economic Development Council (NBEDC), New Bedford’s population has been steadily growing twice as fast as new housing units.
Per the NBEDC:
“Between 2010 and 2020, the number of households in New Bedford grew by 7.8% but the city’s housing stock increased by just 3.8%. This means 3,000 new households are currently vying for less than 1,600 new housing units. A key finding reveals that there are nearly 9,500 households with earnings below 30% of the area median income, yet fewer than 6,500 affordable rental units in Greater New Bedford.”
Throw in high interest rates and inflation, higher property taxes, an influx on migrants to Massachusetts, and it’s not hard to figure out why rents have sky rocketed over the past year and decade. In Fall River, home prices have nearly doubled in the past five years, up 25% the past year.
