The typical owner-occupied home in Lexington is worth about $1,203,100, 2.1 times the Massachusetts median of $562,100 and 3.6 times the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 0.83% of their home's value, lower than the Massachusetts rate of 1.07%. The median household earns $238,444 a year, so the median home costs 5.0 times the median income (5.4 times for Massachusetts). 80% of occupied homes here are lived in by their owners, and 60% of those owners still have a mortgage.
Lexington at a glance
| Lexington | Massachusetts | U.S. | |
|---|---|---|---|
| Median home value | $1,203,100 | $562,100 | $332,700 |
| Median property tax paid per year | $10,001 | $5,992 | $3,119 |
| Property tax as a share of value | 0.83% | 1.07% | 0.94% |
| Median household income | $238,444 | $103,960 | $80,734 |
| Homes lived in by their owners | 80% | 63% | 65% |
| Owner homes with a mortgage | 60% | 66% | 61% |
| Median monthly costs, owners with a mortgage | $4,001 | $2,726 | $1,963 |
| Those costs as a share of the owners' income | 20.0% | 21.9% | 21.0% |
| Median rent | $2,891 | $1,762 | $1,413 |
| Rent as a share of renters' income | 30.1% | 30.9% | 30.6% |
| Median year homes were built | 1965 | 1964 | 1980 |
| Vacant homes | 2.2% | 8.1% | 10.1% |
| Population | 34,295 | 7,044,056 | 334,922,499 |
What a typical home costs per month in Lexington
At this week's average 30-year rate of 7.11%, buying the median Lexington home of $1,203,100 with 20% down costs about $7,808 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $10,006, 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 $334,633 for the 20%-down payment. That payment is 39% of the median Lexington household income of $238,444; at that income and 20% down, the 28% guideline points to a home of about $857,000.
The median rent here is $2,891 a month, so owning the median home costs about $4,917 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $240,620 |
|---|---|
| Loan amount | $962,480 |
| Principal and interest | $6,475 |
| Property taxes (0.83% a year) | $832 |
| Homeowners insurance (our estimate, 0.5% a year) | $501 |
| PMI | $0 |
| Total per month | $7,808 |
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| Down payment | $42,108 |
|---|---|
| Loan amount | $1,181,309 |
| Principal and interest | $7,947 |
| Property taxes (0.83% a year) | $832 |
| Homeowners insurance (our estimate, 0.5% a year) | $501 |
| FHA mortgage insurance | $726 |
| Total per month | $10,006 |
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Questions about home buying in Lexington
What is the median home value in Lexington?
About $1,203,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Lexington?
Homeowners pay a median $10,001 a year, which is about 0.83% 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 Lexington?
For the median home with 20% down at 7.11%, the payment is about $7,808 a month. Keeping that under 28% of gross income takes about $334,633 a year.
More about Lexington
- Mortgage Refinance in Lexington
- Debt Relief in Lexington
- Home Equity Loans in Lexington
- 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