The typical owner-occupied home in Chelsea is worth about $493,500, 12% below the Massachusetts median of $562,100 and 48% above the national median of $332,700. Owners pay a median $3,321 a year in property taxes, about 0.67% of their home's value, lower than the Massachusetts rate of 1.07%. The median household earns $72,179 a year, so the median home costs 6.8 times the median income (5.4 times for Massachusetts). 26% of occupied homes here are lived in by their owners, and 75% of those owners still have a mortgage.
Chelsea at a glance
| Chelsea | Massachusetts | U.S. | |
|---|---|---|---|
| Median home value | $493,500 | $562,100 | $332,700 |
| Median property tax paid per year | $3,321 | $5,992 | $3,119 |
| Property tax as a share of value | 0.67% | 1.07% | 0.94% |
| Median household income | $72,179 | $103,960 | $80,734 |
| Homes lived in by their owners | 26% | 63% | 65% |
| Owner homes with a mortgage | 75% | 66% | 61% |
| Median monthly costs, owners with a mortgage | $2,608 | $2,726 | $1,963 |
| Those costs as a share of the owners' income | 24.7% | 21.9% | 21.0% |
| Median rent | $1,956 | $1,762 | $1,413 |
| Rent as a share of renters' income | 34.7% | 30.9% | 30.6% |
| Median year homes were built | 1941 | 1964 | 1980 |
| Vacant homes | 3.2% | 8.1% | 10.1% |
| Population | 39,908 | 7,044,056 | 334,922,499 |
What a typical home costs per month in Chelsea
At this week's average 30-year rate of 7.11%, buying the median Chelsea home of $493,500 with 20% down costs about $3,137 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,959, 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 $134,443 for the 20%-down payment. That payment is 52% of the median Chelsea household income of $72,179; at that income and 20% down, the 28% guideline points to a home of about $265,000.
The median rent here is $1,956 a month, so owning the median home costs about $1,181 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $98,700 |
|---|---|
| Loan amount | $394,800 |
| Principal and interest | $2,656 |
| Property taxes (0.67% a year) | $276 |
| Homeowners insurance (our estimate, 0.5% a year) | $206 |
| PMI | $0 |
| Total per month | $3,137 |
Change the numbers in the calculator
| Down payment | $17,272 |
|---|---|
| Loan amount | $484,561 |
| Principal and interest | $3,260 |
| Property taxes (0.67% a year) | $276 |
| Homeowners insurance (our estimate, 0.5% a year) | $206 |
| FHA mortgage insurance | $218 |
| Total per month | $3,959 |
Change the numbers in the calculator
Questions about home buying in Chelsea
What is the median home value in Chelsea?
About $493,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Chelsea?
Homeowners pay a median $3,321 a year, which is about 0.67% 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 Chelsea?
For the median home with 20% down at 7.11%, the payment is about $3,137 a month. Keeping that under 28% of gross income takes about $134,443 a year.
More about Chelsea
- Mortgage Refinance in Chelsea
- Debt Relief in Chelsea
- Home Equity Loans in Chelsea
- 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