The typical owner-occupied home in Norwood is worth about $651,700, 16% above the Massachusetts median of $562,100 and 96% above the national median of $332,700. Owners pay a median $6,111 a year in property taxes, about 0.94% of their home's value, lower than the Massachusetts rate of 1.07%. The median household earns $107,030 a year, so the median home costs 6.1 times the median income (5.4 times for Massachusetts). 54% of occupied homes here are lived in by their owners, and 64% of those owners still have a mortgage.
Norwood at a glance
| Norwood | Massachusetts | U.S. | |
|---|---|---|---|
| Median home value | $651,700 | $562,100 | $332,700 |
| Median property tax paid per year | $6,111 | $5,992 | $3,119 |
| Property tax as a share of value | 0.94% | 1.07% | 0.94% |
| Median household income | $107,030 | $103,960 | $80,734 |
| Homes lived in by their owners | 54% | 63% | 65% |
| Owner homes with a mortgage | 64% | 66% | 61% |
| Median monthly costs, owners with a mortgage | $2,914 | $2,726 | $1,963 |
| Those costs as a share of the owners' income | 19.1% | 21.9% | 21.0% |
| Median rent | $2,116 | $1,762 | $1,413 |
| Rent as a share of renters' income | 32.5% | 30.9% | 30.6% |
| Median year homes were built | 1960 | 1964 | 1980 |
| Vacant homes | 4.0% | 8.1% | 10.1% |
| Population | 31,542 | 7,044,056 | 334,922,499 |
What a typical home costs per month in Norwood
At this week's average 30-year rate of 7.11%, buying the median Norwood home of $651,700 with 20% down costs about $4,289 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $5,375, 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 $183,825 for the 20%-down payment. That payment is 48% of the median Norwood household income of $107,030; at that income and 20% down, the 28% guideline points to a home of about $379,000.
The median rent here is $2,116 a month, so owning the median home costs about $2,173 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $130,340 |
|---|---|
| Loan amount | $521,360 |
| Principal and interest | $3,507 |
| Property taxes (0.94% a year) | $510 |
| Homeowners insurance (our estimate, 0.5% a year) | $272 |
| PMI | $0 |
| Total per month | $4,289 |
Change the numbers in the calculator
| Down payment | $22,810 |
|---|---|
| Loan amount | $639,896 |
| Principal and interest | $4,305 |
| Property taxes (0.94% a year) | $510 |
| Homeowners insurance (our estimate, 0.5% a year) | $272 |
| FHA mortgage insurance | $288 |
| Total per month | $5,375 |
Change the numbers in the calculator
Questions about home buying in Norwood
What is the median home value in Norwood?
About $651,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Norwood?
Homeowners pay a median $6,111 a year, which is about 0.94% 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 Norwood?
For the median home with 20% down at 7.11%, the payment is about $4,289 a month. Keeping that under 28% of gross income takes about $183,825 a year.
More about Norwood
- Mortgage Refinance in Norwood
- Debt Relief in Norwood
- Home Equity Loans in Norwood
- 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