Massachusetts Mortgage & Property Tax Guide 2025
Massachusetts has an average property tax rate of 1.12% and a state income tax of 5% flat. The median home price is approximately $560,000.
Is Massachusetts a Good State to Buy a Home?
Massachusetts combines a strong economy (biotech, education, finance) with high home prices near Boston. Western MA cities like Springfield and Worcester offer significantly more affordability.
Property Tax in Massachusetts
On a $560,000 home in Massachusetts, you would pay approximately $6,272/year (523/month) in property taxes at the 1.12% average rate. Rates vary by county.
What is the average mortgage payment in Massachusetts?
For a $720,000 home with 20% down at 7.2% over 30 years, expect to pay approximately $4,732/month including property tax and insurance in Massachusetts.
How much income do I need to buy a house in Massachusetts?
To comfortably afford a $720,000 home in Massachusetts (28% DTI rule), you typically need a household income of at least $203,000/year.
Does Massachusetts have a first-time home buyer program?
Yes. Massachusetts offers state-level down payment assistance and mortgage credit certificate programs for eligible first-time buyers. Contact your local housing finance agency for current income and purchase price limits.