Total monthly cost of ownership
Cost to Own a Home in Boston, Massachusetts
A $710,000 home here costs
$5,113per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $3,650. The real number is $1,463 higher every month — 40% more than the payment most buyers budget for.
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 $259 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
Common questions
How much does it cost to own a home in Boston?
A $710,000 home in Boston, Massachusetts costs approximately $5,113 per month with 20% down at 6.66%. That is $3,650 principal and interest, $361 property tax, $183 homeowners insurance, $327 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 $5,113 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.