At this point, it’s breaking news if a new office, residential, or retail space isn’t cropping up somewhere in the Hub.

Other than causing one or two traffic fiascos in the future, large-scale development is typically a sign of growth that promises to transform some of Boston’s neighborhoods into commercial and residential hot-spots.

In fact, a Northeastern University report by the Dukakis Center for Urban and Regional Policy indicated that the housing market, in particular, has grown rapidly, with housing permits having risen to a projected 11,300 for 2013, up 40 percent from last year; the highest mark since 2006.

But this presents a problem.

Even though median home prices seem to be on a “stable upward trajectory,” the report warns that the state’s economy, coupled with increasing cost of living, is making housing more unaffordable for many.

More than half of Boston-renters “spend more than 30 percent of their income on rent, while 40 percent of homeowners spend more than 30 percent of their incomes on mortgage payments, property taxes and utilities,” a Banker and Tradesman report said — up 39 and 27 percent, each — as discovered by the Northeastern report.

In an attempt to counter this trend, the Northeastern report suggested that policymakers focus on increasing the amount of housing space available, particularly multi-family housing, to reduce costs.

This could be a difficult task, with federal budget cuts threatening programs designed to create affordable housing.

“Today’s report shows that households in the Boston area are getting squeezed by living costs that have been going up much faster than their incomes,” mayoral candidate John Connolly said in a press release.

“If we want families to be able to afford to stay in Boston, we need to prioritize a comprehensive housing strategy –grounded in thoughtful community planning — that increases both affordable and middle-market housing options in the city.”

Mayoral candidate Marty Walsh has yet to comment.

Image from gibsonsothebysrealty.com