Estimated Monthly Payment — Median Massachusetts Home
$4,262
Based on $600,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$600,000
Property Tax
1.23%
Avg. HOA
$300/mo
Median Rent
$2,100/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the Massachusetts housing market
Massachusetts's housing market is above the national average, with a median home price around $600,000. Boston is the largest metro, with Worcester a close second. Massachusetts has among the highest home prices on the East Coast, especially in Greater Boston, driven by world-class universities and biotech sector strength. Massachusetts's effective property tax rate of 1.23% is near the national average.
The median Massachusetts home costs $600,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $3,097, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $4,262. First-time buyers in Massachusetts can explore programs through MassHousing HFA.
Photo by Mark Olsen on Unsplash
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FAQ
Massachusetts mortgage FAQs
What's the property tax rate in Massachusetts?
Massachusetts's effective property tax rate averages about 1.23% — near the national average. On a $600,000 home, that's roughly $615/month or $7,380/year.
How much do I need to earn to afford a typical Massachusetts home?
Using the 28/36 rule, a buyer would need roughly $160,000–$205,000 in gross annual income to comfortably afford Massachusetts's $600,000 median home with 20% down at current rates.
What first-time buyer programs are available in Massachusetts?
MassHousing offers the ONE Mortgage with no PMI and 3% down, plus down payment assistance up to $30,000 for income-eligible Boston-area buyers. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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