With the median rate of a single-family home in Boston soaring past $1 million this summer, the dream of homeownership feels increasingly out of reach for many longtime residents.
But Pedro Miranda, a horticultural expert at the Franklin Park Zoo, shows that with the right support, it’s still possible to plant roots in the city.
Miranda recently purchased a condo in Mattapan, just a few miles from his job.
“Even though I have a car here and I have public transportation in front of my building, I do walk to work,” he said.
NBC10 Boston
NBC10 Boston Pedro Miranda in his Mattapan condo
After nearly 30 years of renting and moving around Boston — from Roslindale to Hyde Park to Jamaica Plain — Miranda never imagined he’d own a home.
“From the beginning I wasn’t interested in buying any property,” he said.
Home prices in Greater Boston are sizzling hot — the rate of the median single-family home has today topped $1 million.
Originally from Puerto Rico, Miranda found stability at Villa Victoria, an affordable housing community managed by the nonprofit IBA (Inquilinos Boricuas en Acción). He lived there for 15 years before taking the leap into homeownership with help from IBA’s financial empowerment programs.
“The cost of the real estate market in the state is one of the first deterrents,” said Vanessa Calderón-Rosado, CEO of IBA.
Her organization works with people like Miranda to demystify the path to buying a home.
“We help them really understand their finances, build credit — which is a very important first step — and build assets,” Calderón-Rosado said.
Through matched savings and financial coaching, Miranda was able to purchase a condo.
“today I feel like I have something to build equity,” he said.
IBA’s homeownership initiative is still growing. In the past year, they’ve helped two families purchase homes and have another dozen in the pipeline.
Calderón-Rosado acknowledges the challenges: “It’s daunting, it’s long, it’s challenging — but it’s possible.”
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