Is It Worth Buying a Home in Boston, MA?
The decision to rent or buy in Boston, Massachusetts depends on how long you plan to stay, your down payment, and current mortgage rates. With a median home price of $795,000 and median monthly rent of $3,100, the math plays out differently depending on your personal situation.
Boston has an average property tax rate of 1.09% annually, which adds approximately $722/month to the cost of homeownership on a median-priced home.
Historically, home values in Boston have appreciated at roughly 3.8% per year, which works in favor of buyers who plan to stay long-term. Use the calculator above to find your personal break-even point.
Key Factors for Boston Buyers
- Down payment of 20% on a median home = $159,000
- Monthly mortgage (30yr at 6.99%) ≈ $4,227/mo
- Property tax ≈ $722/mo
- Estimated maintenance ≈ $663/mo