CALCMONEY // HOME AFFORDABILITY // MA // BOSTON
How much house can you afford in Boston? Based on local median home prices, current MA mortgage rates, and Boston property tax data.
$750,000
$4,922/mo
$210,929/yr
$252,412
Monthly housing costs of $4,922 represent 60.3% of Boston's median gross monthly income ($8,167/mo). At 60.3%, median-income buyers in Boston are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $750,000 |
| Down Payment (20%) | $150,000 |
| Loan Amount | $600,000 |
| Monthly PI Payment | $3,972 |
| Monthly Property Tax | $638 |
| Monthly Insurance Est. | $313 |
| Total Monthly PITI | $4,922 |
| Housing Cost % of Income | 60.3% |
| Required Income (28% rule) | $210,929/yr |
| Max Affordable Home | $252,412 |
$26,250
$6,254/mo
Boston Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $750,000 | Boston city median |
| Down Payment (20%) | $150,000 | Conventional loan |
| Monthly PITI | $4,922 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $210,929 | Annual gross |
| Max Affordable Home | $252,412 | Based on median income |
| FHA Down (3.5%) | $26,250 | Minimum FHA |
| Housing Cost % of Income | 60.3% | Median income: $98,000/yr |
| Property Tax Rate | 1.02% | $7,650/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Boston is $750,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $600,000, generating a monthly P&I payment of $3,972. Adding property taxes ($638/mo) and homeowners insurance ($313/mo) brings total monthly PITI to $4,922.
Boston's property tax rate of 1.02% is near the national average, adding a standard increment to monthly housing costs. On the Boston median home, that is $638/month, or $7,650 per year.
Massachusetts levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Boston should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Boston's median income of $98,000/year can afford up to $2,287/month in total housing costs. Based on Boston's mortgage rate of 6.95% and property tax rate of 1.02%, that translates to a maximum affordable home price of approximately $252,412 with 20% down on a 30-year loan.
To afford the median Boston home priced at $750,000, you need an annual gross income of approximately $210,929. Total monthly housing costs (principal and interest of $3,972, property taxes of $638, and insurance of $313) come to $4,922/month, which equals 28% of the required income.
At the median home price of $750,000 and median household income of $98,000, the total monthly housing cost of $4,922 represents 60.3% of gross monthly income. This is well above the standard 28% threshold, making Boston a challenging market for buyers at median income.
A conventional 20% down payment on the median Boston home of $750,000 is $150,000. An FHA loan requires just 3.5% down — $26,250 — but adds mortgage insurance of roughly $513/month, bringing total FHA payments to $6,254/month.
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