5 Maps and 2 Tools To Help You Understand Real Estate in Massachusetts
It can be hard to find a place to live in Massachusetts. High demand industries, a beautiful city, and a majestic landscape make the states incredibly in demand. Our goal is to make it easier to help you find the best place for you to live. We use interactive tools to break down and simplify some of the most pressing questions you might have while you’re looking for a place to live.
Should you rent or Buy?
This might be the first question you ask yourself. There are multiple things to consider. But financially, it comes down to the cost of rent vs the cost of of owning a home. We have two tools so you can check generally, according to the median cost by zip code, or if you have a house/ apartment in mind, you can put the numbers into the second tool.
Check By Location
I Know How Much I Pay in Rent, and I Know My Budget For A House
Full disclosure: If you click on “Find Your Rates” you will be taken to LendingTree.com via affiliate link. If you want to check out mortgage rates, without being put in contact with lenders, scroll down to the mortgage calculator below. If you do click on the link and follow through the process, we will get a couple of dollars thrown our way. We appreciate your support and wish you the best of luck on your home buying journey.
Maybe You Want to Buy
So you checked the tools above, and you think you should buy. There are a couple of things you should consider while you try to decide where to buy your next home.
Cost of owning a home
How much does it cost to own a home throughout the state
Affordability is determined by the median income and the median annual cost of owning a home. Massachusetts is generally quite unaffordable. Housing is generally expensive, and where it is less expensive, salaries generally follow suit. But some areas are better than others.
Where can YOU afford to live
Thankfully (or maybe not) your household probably doesn’t make the median household income. So you can enter your income here to see your personal affordability.
How Much Does a Mortgage Really Cost?
Mortgages are complicated and can vary by region and company. So we built a tool to help you better estimate of how much owning a home will cost. If you want to see how it can cost you less, check out our early mortgage payoff calculator.
What about Renting
What if You Want To Rent? How much Will it Cost? What can I expect to pay? If you want to learn more about an area, click through to learn more.
What should You do While Your Renting?
As you can tell if you checked the mortgage calculator above, the larger the down payment, the less a home will ultimately cost you. Here are a few high yield savings accounts to help you save as much as possible.
Property Tax Data: The 2010-2014 American Community Survey, U.S. Census Bureau, NAHB estimates
Home Value Data: Zillow Research