A new report was just released by HSH.com outlining the amount a person would need to make in order to afford the mortgage, taxes, and insurance on a standard home in a variety of markets across the US. According to recent market stats, the average home price in Boston metro is $449,000. At 20% down, this equals a monthly mortgage payment of $2,165.26.
Adding in additional taxes and expenses, this equates to a salary of $92,796.90.
By most analysis, including this one by HSH, a person can spend 28 – 32% of their income on housing. This rate would put the expense towards the lower end of the scale at 28%. Boston ranks just about double the national average of $229,000 where one would need just under $53,000 at this same level.
Where Can I Buy?
Looking at the average price of $449,000, we jumped on the MLS to show you a few options of what you can buy in different Boston neighborhoods.
Located at 8 Douglas Park, this 2 bed, 1 bath condo is 1,150 square feet for $430,000. Find out more.
This 650 square feet condo features 1 bed and 1 bath in a central Brookline location. Find out more.
This stunning home in Milford features 2 beds and 2 baths with over 1,600 sq ft of living space. Find out more.
Priced at $449,900, this O Street condo features over 700 square feet of living and is just one block to the beach. Find out more.