Total monthly cost of ownership
Cost to Own a Home in New Bedford, Massachusetts
A $324,000 home here costs
$2,742per 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 $117,500 a year.
A standard mortgage calculator would have told you $1,795. The real number is $947 higher every month, 53% more than the payment most buyers budget for.
Compare Bristol 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.
New Bedford against Bristol County and Massachusetts
| Measure | New Bedford | Bristol County |
|---|---|---|
| Median home value | $324,400 | $421,800 |
| Median property tax | $4,223 | $4,685 |
| Effective tax rate | 1.302% | 1.111% |
| Median gross rent | $1,085 | $1,181 |
| Population | 100,731 | 578,436 |
The weather behind that power bill
New Bedford sits in Bristol County, which averages a high of 82.5°F in its hottest month and a low of 20.7°F in its coldest, with 45.94" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 577 cooling and 5,860 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Bristol County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Bristol County
Full Bristol County cost breakdown · Every county in Massachusetts
Talk to someone who works this market
These are New Bedford 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 New Bedford every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in New Bedford I already own here and may sell
Common questions
How much does it cost to own a home in New Bedford?
A $324,000 home in New Bedford, Massachusetts costs approximately $2,742 per month with 20% down at 7.4%. That is $1,795 principal and interest, $352 property tax, $84 homeowners insurance, $242 utilities and $270 set aside for maintenance.
What is the property tax rate in New Bedford?
New Bedford has an effective property tax rate of 1.302%, based on a median home value of $324,400 and median real estate taxes of $4,223. That is higher than the Bristol County average of 1.111%.
What is the average home price in New Bedford?
The median owner-occupied home value in New Bedford, Massachusetts is $324,400, against $421,800 across Bristol County.
Is it cheaper to rent or buy in New Bedford?
Median gross rent in New Bedford is $1,085 a month, against $2,742 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 New Bedford?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in New Bedford, Massachusetts at today's rate takes a household income of roughly $117,500 a year. That covers the full $2,742 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for New Bedford, 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.