The typical owner-occupied home in Cambridge is worth about $193,800, 54% below the New York median of $423,800 and 42% below the national median of $332,700. Owners pay a median $5,111 a year in property taxes, about 2.64% of their home's value, higher than the New York rate of 1.55%. The median household earns $72,612 a year, so the median home costs 2.7 times the median income (4.9 times for New York). 74% of occupied homes here are lived in by their owners, and 68% of those owners still have a mortgage.
Cambridge at a glance
| Cambridge | New York | U.S. | |
|---|---|---|---|
| Median home value | $193,800 | $423,800 | $332,700 |
| Median property tax paid per year | $5,111 | $6,582 | $3,119 |
| Property tax as a share of value | 2.64% | 1.55% | 0.94% |
| Median household income | $72,612 | $85,974 | $80,734 |
| Homes lived in by their owners | 74% | 54% | 65% |
| Owner homes with a mortgage | 68% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,644 | $2,555 | $1,963 |
| Those costs as a share of the owners' income | 19.8% | 22.5% | 21.0% |
| Median rent | $1,164 | $1,621 | $1,413 |
| Rent as a share of renters' income | 41.9% | 31.2% | 30.6% |
| Median year homes were built | 1938 | 1959 | 1980 |
| Vacant homes | 10.7% | 10.0% | 10.1% |
| Population | 2,262 | 19,852,366 | 334,922,499 |
What a typical home costs per month in Cambridge
At this week's average 30-year rate of 7.11%, buying the median Cambridge home of $193,800 with 20% down costs about $1,550 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,873, 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 $66,432 for the 20%-down payment. That payment is 26% of the median Cambridge household income of $72,612; at that income and 20% down, the 28% guideline points to a home of about $212,000.
The median rent here is $1,164 a month, so owning the median home costs about $386 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $38,760 |
|---|---|
| Loan amount | $155,040 |
| Principal and interest | $1,043 |
| Property taxes (2.64% a year) | $426 |
| Homeowners insurance (our estimate, 0.5% a year) | $81 |
| PMI | $0 |
| Total per month | $1,550 |
Change the numbers in the calculator
| Down payment | $6,783 |
|---|---|
| Loan amount | $190,290 |
| Principal and interest | $1,280 |
| Property taxes (2.64% a year) | $426 |
| Homeowners insurance (our estimate, 0.5% a year) | $81 |
| FHA mortgage insurance | $86 |
| Total per month | $1,873 |
Change the numbers in the calculator
Questions about home buying in Cambridge
What is the median home value in Cambridge?
About $193,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Cambridge?
Homeowners pay a median $5,111 a year, which is about 2.64% 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 Cambridge?
For the median home with 20% down at 7.11%, the payment is about $1,550 a month. Keeping that under 28% of gross income takes about $66,432 a year.
More about Cambridge
- Mortgage Refinance in Cambridge
- Debt Relief in Cambridge
- Home Equity Loans in Cambridge
- 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