"Cape Cod is one of the most expensive housing markets in the U.S. While the median home price in the beachy region of Massachusetts is about $600,000, waterfront properties and homes in exclusive areas often exceed $1 million, according to Warren Buffett's Berkshire Hathaway Home Services. And luxury homes in the region might get even more costly as Cape Cod lawmakers consider a tax on wealthy homeowners."
"Since housing is so expensive on the Cape, the majority of homeowners there include affluent second-home buyers, pre-retirement couples, high-paid remote and hybrid workers, and investors, according to Massachusetts-based real-estate firm Guthrie Shofield Group. "We've always been a place where the wealthy or affluent come to vacation and when they come to vacation, it's typically service-based employees and that workforce waiting on them," Alisa Magnotta, CEO of Hyannis, Mass.-based Housing Assistance, said in a statement."
Cape Cod's housing market ranks among the nation's most expensive, with a median home price near $600,000 and waterfront and exclusive-area homes often surpassing $1 million. Barnstable County is considering a 2% real-estate transfer fee on luxury-home sales above $2 million that could raise up to $56 million annually to fund affordable and year-round housing. The proposed surcharge aims to enable working families, seniors, and young people to afford living on Cape Cod. Homeownership on the Cape increasingly reflects affluent second-home buyers, pre-retirement couples, high-paid remote workers, and investors, while local workforce wages remain substantially lower.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]