Mike Capuano: “I think that most people in this country do not understand the housing crisis we have in Boston. I cannot help it that…”

“I think that most people in this country do not understand the housing crisis we have in Boston. I cannot help it that Boston is one of the most expensive housing markets in the country, and my average median income is 25 percent above the national median income. That sounds great as an individual statistic, but it then does not say what housing costs. The average apartment rent for a three-bedroom apartment, which is necessary for any family of four, hopefully desirable, is almost $1,200 a month, and even then one is lucky if they can find one. When we put that against the median income of the nation, it turns into 28 percent. My concern is people paying that kind of rent, that kind of percentage of their income, could never ever put the money away for a down payment. As a matter of fact, on those numbers it would take over 20 years, if one could save 10 percent of their net income every year it would take 20 years to put enough money aside to put a down payment together.”