Massachusetts flunked a new Realtor.com report on housing, earning an F for failing to build enough homes and keep them affordable. The Bay State ranked among the worst scores in the nation. 

The report considers a home affordable if the mortgage payment on it makes up 30% or less of a household’s monthly income. 

For each state, the report calculated how much of the median household income would be spent on a mortgage for the median-priced home listed in 2024, assuming a 10% down payment and a mortgage rate of 6.75%. 

For Massachusetts, which ranked 50th overall, the median listing price was $781,758, with a median household income of $96,584. 

“It has become harder and harder to become a homeowner, with high prices and mortgage rates remaining the unfortunate reality, and increasing the supply of homes is the clear solution,” the report said. 

Only 18 states, primarily in the Midwest and South, can claim that their median home is affordable. 

Since the Great Recession, a housing supply gap has emerged nationwide due to a decade of underbuilding, leaving the country short of around 4 million homes. 

“Once housing eats up more than a third of your paycheck, it’s not just expensive — it also puts real pressure on everything else in life,” the report said. 

One major factor leading to unaffordable housing is zoning. 

While a comprehensive analysis of zoning was beyond the scope of the report, the state serves as an example of how complex, hard-to-navigate zoning can hinder affordable housing. 

The report referenced the National Zoning Atlas, a project that records approximately 30,000 U.S. zoning codes. The report states that Massachusetts has 16 zoning districts per jurisdiction and 131 pages of zoning code for each jurisdiction. Of the state’s 7 million acres, 76% are subject to zoning. 

“All of this regulatory complexity costs builders time and money, and those costs are passed on to homeowners,” the Realtor.com report said. 

Zoning prohibits many projects from the get-go, with just 12% of zoned acres allowed for multi-family housing as of right. 

“These artificial restrictions limit the supply of housing in the state and will continue to result in Massachusetts struggling with affordable housing,” the report said. 

Public officials have tried to simplify the zoning process. 

In 2022, Boston Mayor Michelle Wu signed an executive order aimed at prioritizing city approvals of affordable housing developments to halve the time it takes to approve projects. 

The Affordable Homes Act, which Gov. Maura Healey signed into law last summer, includes a statewide zoning change that allows people to build accessory dwelling units on their property. 

So far, efforts have not panned out. The Boston Business Journal reports that housing starts in Greater Boston in the first quarter of the year were the lowest since 2013. The year-to-date total is down 38% through March, the most significant drop since 2008. 

Massachusetts isn’t the only New England state to earn an F. 

Rhode Island ranked worst on the affordability scale, with a median listing price of $537,521 and a median income of $80,791. Connecticut fared slightly better, albeit still with an F score, with a median listing price of $517,849 and a median income of $89,717. 

Other states with F grades include California, Hawaii, New York, and Oregon. Iowa, Texas, and South Carolina earned A’s on the report. 

Beth Treffeisen is a general assignment reporter for Boston.com, focusing on local news, crime, and business in the New England region.