Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.
Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.
Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some Massachusetts cities are far more affordable than others.
According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Massachusetts is worth $483,900. But across the 41 cities, towns and unincorporated communities in the state with populations of at least 35,000, median home values range from less than $200,000 to over $1 million.
In any local market, home prices are often a reflection of what residents can afford. In Massachusetts, many of the least expensive cities for homebuyers are not high-income areas. Of the 41 places in Massachusetts with available data from the ACS, 22 have a median home value that is less than the statewide median. In each of these places, the typical household earns less than the statewide median household income of $96,505. Similarly, most of Massachusetts’s more expensive housing markets have higher earning populations.
Why It Matters
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Homeownership is one of the most practical ways to build wealth in the United States, and rising borrowing costs and home values are pricing out a growing share of the population. The state of the U.S. housing market also has broader economic implications. According to the Congressional Research Service, spending associated with homeownership totaled $1.1 trillion in 2021, or nearly 5% of U.S. gross domestic product.
These are the cheapest and most expensive housing markets in Massachusetts.
41. Springfield
Source: Sean Pavone / iStock via Getty Images
- Median home value: $198,500
- Homes worth over $1 million: 0.4%
- Homeownership rate: 47.8%
- Median household income: $47,677
- Total population: 155,305
40. Pittsfield
Source: DenisTangneyJr / iStock via Getty Images
- Median home value: $219,600
- Homes worth over $1 million: 1.6%
- Homeownership rate: 61.6%
- Median household income: $66,859
- Total population: 43,730
39. Chicopee
Source: Wirestock / iStock via Getty Images
- Median home value: $230,700
- Homes worth over $1 million: 1.2%
- Homeownership rate: 59.0%
- Median household income: $63,866
- Total population: 55,441
38. Holyoke
Source: Public Domain / Wikimedia Commons
- Median home value: $236,800
- Homes worth over $1 million: 0.7%
- Homeownership rate: 41.5%
- Median household income: $49,007
- Total population: 38,210
37. Fitchburg
Source: Public Domain / Wikimedia Commons
- Median home value: $262,500
- Homes worth over $1 million: 0.7%
- Homeownership rate: 55.7%
- Median household income: $65,963
- Total population: 41,621
36. Westfield
Source: DenisTangneyJr / Getty Images
- Median home value: $282,100
- Homes worth over $1 million: 0.5%
- Homeownership rate: 66.4%
- Median household income: $78,307
- Total population: 40,794
35. New Bedford
Source: DenisTangneyJr / iStock via Getty Images
- Median home value: $291,300
- Homes worth over $1 million: 0.8%
- Homeownership rate: 39.9%
- Median household income: $54,604
- Total population: 100,620
34. Worcester
Source: SeanPavonePhoto / iStock via Getty Images
- Median home value: $305,600
- Homes worth over $1 million: 1.0%
- Homeownership rate: 42.1%
- Median household income: $63,011
- Total population: 204,191
33. Leominster
Source: dougtone / Flickr
- Median home value: $323,400
- Homes worth over $1 million: 0.4%
- Homeownership rate: 65.5%
- Median household income: $75,620
- Total population: 43,620
32. Fall River
Source: DenisTangneyJr / Getty Images
- Median home value: $328,100
- Homes worth over $1 million: 0.6%
- Homeownership rate: 35.9%
- Median household income: $52,734
- Total population: 93,638
31. Taunton
Source: DenisTangneyJr / iStock via Getty Images
- Median home value: $359,500
- Homes worth over $1 million: 0.6%
- Homeownership rate: 61.8%
- Median household income: $72,782
- Total population: 59,436
30. Lowell
Source: DenisTangneyJr / iStock via Getty Images
- Median home value: $362,800
- Homes worth over $1 million: 2.0%
- Homeownership rate: 43.3%
- Median household income: $73,008
- Total population: 114,737
29. Brockton
Source: DenisTangneyJr / iStock via Getty Images
- Median home value: $364,700
- Homes worth over $1 million: 0.6%
- Homeownership rate: 56.4%
- Median household income: $74,016
- Total population: 104,713
28. Lawrence
Source: DenisTangneyJr / E+ via Getty Images
- Median home value: $370,600
- Homes worth over $1 million: 0.7%
- Homeownership rate: 29.9%
- Median household income: $53,977
- Total population: 88,067
27. Attleboro
Source: Public Domain / Wikimedia Commons
- Median home value: $378,900
- Homes worth over $1 million: 0.5%
- Homeownership rate: 65.9%
- Median household income: $91,378
- Total population: 46,384
26. Haverhill
Source: John Blottman / iStock via Getty Images
- Median home value: $400,900
- Homes worth over $1 million: 1.4%
- Homeownership rate: 60.0%
- Median household income: $81,989
- Total population: 67,273
25. Methuen Town
Source: Public Domain / Wikimedia Commons
- Median home value: $439,500
- Homes worth over $1 million: 0.5%
- Homeownership rate: 74.0%
- Median household income: $93,681
- Total population: 52,812
24. Marlborough
Source: Public Domain / Wikimedia Commons
- Median home value: $439,600
- Homes worth over $1 million: 1.3%
- Homeownership rate: 57.3%
- Median household income: $94,199
- Total population: 41,391
23. Lynn
Source: Wirestock / iStock via Getty Images
- Median home value: $442,800
- Homes worth over $1 million: 1.0%
- Homeownership rate: 48.6%
- Median household income: $70,046
- Total population: 100,653
22. Chelsea
Source: DenisTangneyJr / iStock via Getty Images
- Median home value: $450,600
- Homes worth over $1 million: 2.0%
- Homeownership rate: 27.9%
- Median household income: $71,051
- Total population: 39,890
21. Salem
Source: sphraner / iStock via Getty Images
- Median home value: $464,200
- Homes worth over $1 million: 2.2%
- Homeownership rate: 50.7%
- Median household income: $79,196
- Total population: 44,541
20. Weymouth Town
Source: DenisTangneyJr / Getty Images
- Median home value: $469,300
- Homes worth over $1 million: 1.4%
- Homeownership rate: 68.3%
- Median household income: $95,879
- Total population: 57,300
19. Barnstable Town
Source: DenisTangneyJr / iStock via Getty Images
- Median home value: $498,700
- Homes worth over $1 million: 6.7%
- Homeownership rate: 75.6%
- Median household income: $94,387
- Total population: 48,922
18. Peabody
Source: Gianna Forlizzi / iStock via Getty Images
- Median home value: $508,400
- Homes worth over $1 million: 0.9%
- Homeownership rate: 65.5%
- Median household income: $91,125
- Total population: 54,204
17. Revere
Source: DenisTangneyJr / Getty Images
- Median home value: $518,600
- Homes worth over $1 million: 3.8%
- Homeownership rate: 51.0%
- Median household income: $78,968
- Total population: 60,577
16. Framingham
Source: DenisTangneyJr / iStock via Getty Images
- Median home value: $553,200
- Homes worth over $1 million: 2.9%
- Homeownership rate: 55.1%
- Median household income: $94,909
- Total population: 71,805
15. Everett
Source: DenisTangneyJr / iStock via Getty Images
- Median home value: $557,700
- Homes worth over $1 million: 3.8%
- Homeownership rate: 35.8%
- Median household income: $77,796
- Total population: 48,685
14. Quincy
Source: Faina Gurevich / iStock via Getty Images
- Median home value: $563,200
- Homes worth over $1 million: 5.8%
- Homeownership rate: 43.9%
- Median household income: $90,668
- Total population: 100,981
13. Beverly
Source: imagindiana / iStock via Getty Images
- Median home value: $569,300
- Homes worth over $1 million: 7.6%
- Homeownership rate: 60.1%
- Median household income: $99,525
- Total population: 42,414
12. Malden
Source: Wangkun Jia / Shutterstock.com
- Median home value: $570,600
- Homes worth over $1 million: 4.1%
- Homeownership rate: 42.6%
- Median household income: $90,295
- Total population: 65,463
11. Braintree Town
Source: Public Domain / Wikimedia Commons
- Median home value: $596,800
- Homes worth over $1 million: 4.8%
- Homeownership rate: 76.7%
- Median household income: $120,593
- Total population: 38,748
10. Woburn
Source: Debbie Eckert / Getty Images
- Median home value: $612,500
- Homes worth over $1 million: 4.1%
- Homeownership rate: 58.8%
- Median household income: $104,780
- Total population: 40,992
9. Medford
Source: Pixonian / iStock via Getty Images
- Median home value: $669,600
- Homes worth over $1 million: 8.0%
- Homeownership rate: 53.3%
- Median household income: $114,863
- Total population: 61,748
8. Waltham
Source: alohadave / iStock via Getty Images
- Median home value: $679,000
- Homes worth over $1 million: 7.9%
- Homeownership rate: 47.9%
- Median household income: $113,443
- Total population: 64,711
7. Boston
Source: Sean Pavone / iStock via Getty Images
- Median home value: $684,900
- Homes worth over $1 million: 21.5%
- Homeownership rate: 34.8%
- Median household income: $89,212
- Total population: 665,945
6. Watertown Town
Source: Public Domain / Wikimedia Commons
- Median home value: $722,000
- Homes worth over $1 million: 15.3%
- Homeownership rate: 51.3%
- Median household income: $117,625
- Total population: 35,181
5. Arlington
Source: Demetri2K / iStock via Getty Images
- Median home value: $839,200
- Homes worth over $1 million: 26.7%
- Homeownership rate: 60.7%
- Median household income: $136,312
- Total population: 45,906
4. Somerville
Source: DenisTangneyJr / iStock via Getty Images
- Median home value: $860,500
- Homes worth over $1 million: 33.5%
- Homeownership rate: 33.6%
- Median household income: $120,778
- Total population: 80,464
3. Cambridge
Source: jorgeantonio / iStock via Getty Images
- Median home value: $997,600
- Homes worth over $1 million: 49.8%
- Homeownership rate: 33.6%
- Median household income: $121,539
- Total population: 117,962
2. Newton
Source: stresstensor / iStock via Getty Images
- Median home value: $1,136,200
- Homes worth over $1 million: 60.4%
- Homeownership rate: 70.4%
- Median household income: $176,373
- Total population: 88,453
1. Brookline
Source: benjaminha / iStock via Getty Images
- Median home value: $1,181,200
- Homes worth over $1 million: 62.7%
- Homeownership rate: 46.4%
- Median household income: $130,600
- Total population: 62,698
| Rank | Places in Massachusetts with at least 35,000 residents | Median home value ($) | Homeownership rate (%) | Median household income ($) | Total Population |
|---|---|---|---|---|---|
| 1 | Brookline | 1,181,200 | 46.4 | 130,600 | 62,698 |
| 2 | Newton | 1,136,200 | 70.4 | 176,373 | 88,453 |
| 3 | Cambridge | 997,600 | 33.6 | 121,539 | 117,962 |
| 4 | Somerville | 860,500 | 33.6 | 120,778 | 80,464 |
| 5 | Arlington | 839,200 | 60.7 | 136,312 | 45,906 |
| 6 | Watertown Town | 722,000 | 51.3 | 117,625 | 35,181 |
| 7 | Boston | 684,900 | 34.8 | 89,212 | 665,945 |
| 8 | Waltham | 679,000 | 47.9 | 113,443 | 64,711 |
| 9 | Medford | 669,600 | 53.3 | 114,863 | 61,748 |
| 10 | Woburn | 612,500 | 58.8 | 104,780 | 40,992 |
| 11 | Braintree Town | 596,800 | 76.7 | 120,593 | 38,748 |
| 12 | Malden | 570,600 | 42.6 | 90,295 | 65,463 |
| 13 | Beverly | 569,300 | 60.1 | 99,525 | 42,414 |
| 14 | Quincy | 563,200 | 43.9 | 90,668 | 100,981 |
| 15 | Everett | 557,700 | 35.8 | 77,796 | 48,685 |
| 16 | Framingham | 553,200 | 55.1 | 94,909 | 71,805 |
| 17 | Revere | 518,600 | 51.0 | 78,968 | 60,577 |
| 18 | Peabody | 508,400 | 65.5 | 91,125 | 54,204 |
| 19 | Barnstable Town | 498,700 | 75.6 | 94,387 | 48,922 |
| 20 | Weymouth Town | 469,300 | 68.3 | 95,879 | 57,300 |
| 21 | Salem | 464,200 | 50.7 | 79,196 | 44,541 |
| 22 | Chelsea | 450,600 | 27.9 | 71,051 | 39,890 |
| 23 | Lynn | 442,800 | 48.6 | 70,046 | 100,653 |
| 24 | Marlborough | 439,600 | 57.3 | 94,199 | 41,391 |
| 25 | Methuen Town | 439,500 | 74.0 | 93,681 | 52,812 |
| 26 | Haverhill | 400,900 | 60.0 | 81,989 | 67,273 |
| 27 | Attleboro | 378,900 | 65.9 | 91,378 | 46,384 |
| 28 | Lawrence | 370,600 | 29.9 | 53,977 | 88,067 |
| 29 | Brockton | 364,700 | 56.4 | 74,016 | 104,713 |
| 30 | Lowell | 362,800 | 43.3 | 73,008 | 114,737 |
| 31 | Taunton | 359,500 | 61.8 | 72,782 | 59,436 |
| 32 | Fall River | 328,100 | 35.9 | 52,734 | 93,638 |
| 33 | Leominster | 323,400 | 65.5 | 75,620 | 43,620 |
| 34 | Worcester | 305,600 | 42.1 | 63,011 | 204,191 |
| 35 | New Bedford | 291,300 | 39.9 | 54,604 | 100,620 |
| 36 | Westfield | 282,100 | 66.4 | 78,307 | 40,794 |
| 37 | Fitchburg | 262,500 | 55.7 | 65,963 | 41,621 |
| 38 | Holyoke | 236,800 | 41.5 | 49,007 | 38,210 |
| 39 | Chicopee | 230,700 | 59.0 | 63,866 | 55,441 |
| 40 | Pittsfield | 219,600 | 61.6 | 66,859 | 43,730 |
| 41 | Springfield | 198,500 | 47.8 | 47,677 | 155,305 |
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