Total monthly cost of ownership
Cost to Own a Home in Boston, Massachusetts
A $710,000 home here costs
$5,311per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $227,500 a year.
A standard mortgage calculator would have told you $3,933. The real number is $1,378 higher every month, 35% more than the payment most buyers budget for.
Compare Suffolk County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Boston against Suffolk County and Massachusetts
| Measure | Boston | Suffolk County |
|---|---|---|
| Median home value | $710,400 | $680,700 |
| Median property tax | $4,335 | $4,533 |
| Effective tax rate | 0.610% | 0.666% |
| Median gross rent | $2,093 | $2,069 |
| Population | 663,972 | 782,172 |
The weather behind that power bill
Boston sits in Suffolk County, which averages a high of 82.1°F in its hottest month and a low of 23.1°F in its coldest, with 43.59" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 802 cooling and 5,546 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Suffolk County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Suffolk County
Full Suffolk County cost breakdown · Every county in Massachusetts
Talk to someone who works this market
These are Boston averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Boston every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Boston I already own here and may sell
Common questions
How much does it cost to own a home in Boston?
A $710,000 home in Boston, Massachusetts costs approximately $5,311 per month with 20% down at 7.4%. That is $3,933 principal and interest, $361 property tax, $183 homeowners insurance, $242 utilities and $592 set aside for maintenance.
What is the property tax rate in Boston?
Boston has an effective property tax rate of 0.610%, based on a median home value of $710,400 and median real estate taxes of $4,335. That is lower than the Suffolk County average of 0.666%.
What is the average home price in Boston?
The median owner-occupied home value in Boston, Massachusetts is $710,400, against $680,700 across Suffolk County.
Is it cheaper to rent or buy in Boston?
Median gross rent in Boston is $2,093 a month, against $5,311 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Boston?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Boston, Massachusetts at today's rate takes a household income of roughly $227,500 a year. That covers the full $5,311 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Boston, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Massachusetts.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.