The typical owner-occupied home in Lynnfield is worth about $917,600, 63% above the Massachusetts median of $562,100 and 2.8 times the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 1.09% of their home's value, close to the Massachusetts rate of 1.07%. The median household earns $175,265 a year, so the median home costs 5.2 times the median income (5.4 times for Massachusetts). 87% of occupied homes here are lived in by their owners, and 73% of those owners still have a mortgage.
Lynnfield at a glance
| Lynnfield | Massachusetts | U.S. | |
|---|---|---|---|
| Median home value | $917,600 | $562,100 | $332,700 |
| Median property tax paid per year | $10,001 | $5,992 | $3,119 |
| Property tax as a share of value | 1.09% | 1.07% | 0.94% |
| Median household income | $175,265 | $103,960 | $80,734 |
| Homes lived in by their owners | 87% | 63% | 65% |
| Owner homes with a mortgage | 73% | 66% | 61% |
| Median monthly costs, owners with a mortgage | $3,620 | $2,726 | $1,963 |
| Those costs as a share of the owners' income | 18.4% | 21.9% | 21.0% |
| Median rent | $2,676 | $1,762 | $1,413 |
| Rent as a share of renters' income | 40.1% | 30.9% | 30.6% |
| Median year homes were built | 1964 | 1964 | 1980 |
| Vacant homes | 2.1% | 8.1% | 10.1% |
| Population | 13,064 | 7,044,056 | 334,922,499 |
What a typical home costs per month in Lynnfield
At this week's average 30-year rate of 7.11%, buying the median Lynnfield home of $917,600 with 20% down costs about $6,154 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $7,830, 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 $263,744 for the 20%-down payment. That payment is 42% of the median Lynnfield household income of $175,265; at that income and 20% down, the 28% guideline points to a home of about $610,000.
The median rent here is $2,676 a month, so owning the median home costs about $3,478 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $183,520 |
|---|---|
| Loan amount | $734,080 |
| Principal and interest | $4,938 |
| Property taxes (1.09% a year) | $833 |
| Homeowners insurance (our estimate, 0.5% a year) | $382 |
| PMI | $0 |
| Total per month | $6,154 |
Change the numbers in the calculator
| Down payment | $32,116 |
|---|---|
| Loan amount | $900,980 |
| Principal and interest | $6,061 |
| Property taxes (1.09% a year) | $833 |
| Homeowners insurance (our estimate, 0.5% a year) | $382 |
| FHA mortgage insurance | $553 |
| Total per month | $7,830 |
Change the numbers in the calculator
Questions about home buying in Lynnfield
What is the median home value in Lynnfield?
About $917,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Lynnfield?
Homeowners pay a median $10,001 a year, which is about 1.09% 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 Lynnfield?
For the median home with 20% down at 7.11%, the payment is about $6,154 a month. Keeping that under 28% of gross income takes about $263,744 a year.
More about Lynnfield
- Mortgage Refinance in Lynnfield
- Debt Relief in Lynnfield
- Home Equity Loans in Lynnfield
- 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