The typical owner-occupied home in Massachusetts is worth about $562,100, 69% above the national median of $332,700. Owners pay a median $5,992 a year in property taxes, about 1.07% of their home's value, higher than the national rate of 0.94%. The median household earns $103,960 a year, so the median home costs 5.4 times the median income (4.1 times for the U.S.). 63% of occupied homes here are lived in by their owners, and 66% of those owners still have a mortgage.
Massachusetts at a glance
| Massachusetts | U.S. | |
|---|---|---|
| Median home value | $562,100 | $332,700 |
| Median property tax paid per year | $5,992 | $3,119 |
| Property tax as a share of value | 1.07% | 0.94% |
| Median household income | $103,960 | $80,734 |
| Homes lived in by their owners | 63% | 65% |
| Owner homes with a mortgage | 66% | 61% |
| Median monthly costs, owners with a mortgage | $2,726 | $1,963 |
| Those costs as a share of the owners' income | 21.9% | 21.0% |
| Median rent | $1,762 | $1,413 |
| Rent as a share of renters' income | 30.9% | 30.6% |
| Median year homes were built | 1964 | 1980 |
| Vacant homes | 8.1% | 10.1% |
| Population | 7,044,056 | 334,922,499 |
What a typical home costs per month in Massachusetts
At this week's average 30-year rate of 7.11%, buying the median Massachusetts home of $562,100 with 20% down costs about $3,760 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $4,697, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $161,162 for the 20%-down payment. That payment is 43% of the median Massachusetts household income of $103,960; at that income and 20% down, the 28% guideline points to a home of about $363,000.
The median rent here is $1,762 a month, so owning the median home costs about $1,998 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $112,420 |
|---|---|
| Loan amount | $449,680 |
| Principal and interest | $3,025 |
| Property taxes (1.07% a year) | $501 |
| Homeowners insurance (our estimate, 0.5% a year) | $234 |
| PMI | $0 |
| Total per month | $3,760 |
Change the numbers in the calculator
| Down payment | $19,674 |
|---|---|
| Loan amount | $551,919 |
| Principal and interest | $3,713 |
| Property taxes (1.07% a year) | $501 |
| Homeowners insurance (our estimate, 0.5% a year) | $234 |
| FHA mortgage insurance | $249 |
| Total per month | $4,697 |
Change the numbers in the calculator
Questions about home buying in Massachusetts
What is the median home value in Massachusetts?
About $562,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Massachusetts?
Homeowners pay a median $5,992 a year, which is about 1.07% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Massachusetts?
For the median home with 20% down at 7.11%, the payment is about $3,760 a month. Keeping that under 28% of gross income takes about $161,162 a year.
More about Massachusetts
- Mortgage Refinance in Massachusetts
- Debt Relief in Massachusetts
- Home Equity Loans in Massachusetts
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data