Buying a Home in Massachusetts: What You Need to Know
If you're considering buying a home in Massachusetts, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Massachusetts homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Massachusetts-specific data to give you accurate monthly payment estimates.
Massachusetts Property Taxes
Massachusetts has an effective property tax rate of 0.97%, ranking #18 out of 50 states (where #1 is the highest). On a median-priced home of $615,000, you'd pay approximately $5,966 per year in property taxes, or about $497/month.
Massachusetts's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
Massachusetts Homeowners Insurance
The average annual homeowners insurance premium in Massachusetts is $1,733 for $300,000 in dwelling coverage, or about $144/month.
Massachusetts's insurance costs are moderate compared to national averages. You may be able to lower your premium by increasing your deductible, bundling with auto insurance, or installing security systems.
Massachusetts Closing Costs
Closing costs in Massachusetts average 0.81% of the home's purchase price. On a $615,000 home, that's approximately $4,982. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Massachusetts Housing Market
The median home price in Massachusetts is $615,000. This is significantly above the national median of approximately $410,000, making Massachusetts one of the more expensive states for homebuyers. However, strong job markets and quality of life often justify the premium.
More Massachusetts Mortgage Tools
Use these additional calculators to plan your Massachusetts home purchase: