Total monthly cost of ownership
Cost to Own a Home in Somerville, Massachusetts
A $899,000 home here costs
$6,722per 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 $288,000 a year.
A standard mortgage calculator would have told you $4,980. The real number is $1,742 higher every month, 35% more than the payment most buyers budget for.
Compare Middlesex 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.
Somerville against Middlesex County and Massachusetts
| Measure | Somerville | Middlesex County |
|---|---|---|
| Median home value | $899,400 | $687,200 |
| Median property tax | $6,237 | $7,240 |
| Effective tax rate | 0.693% | 1.054% |
| Median gross rent | $2,468 | $2,126 |
| Population | 80,549 | 1,622,896 |
The weather behind that power bill
Somerville sits in Middlesex County, which averages a high of 85.1°F in its hottest month and a low of 18.2°F in its coldest, with 42.6" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 743 cooling and 5,996 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Middlesex County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Middlesex County
Full Middlesex County cost breakdown · Every county in Massachusetts
Talk to someone who works this market
These are Somerville 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 Somerville every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Somerville I already own here and may sell
Common questions
How much does it cost to own a home in Somerville?
A $899,000 home in Somerville, Massachusetts costs approximately $6,722 per month with 20% down at 7.4%. That is $4,980 principal and interest, $519 property tax, $232 homeowners insurance, $242 utilities and $749 set aside for maintenance.
What is the property tax rate in Somerville?
Somerville has an effective property tax rate of 0.693%, based on a median home value of $899,400 and median real estate taxes of $6,237. That is lower than the Middlesex County average of 1.054%.
What is the average home price in Somerville?
The median owner-occupied home value in Somerville, Massachusetts is $899,400, against $687,200 across Middlesex County.
Is it cheaper to rent or buy in Somerville?
Median gross rent in Somerville is $2,468 a month, against $6,722 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 Somerville?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Somerville, Massachusetts at today's rate takes a household income of roughly $288,000 a year. That covers the full $6,722 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Somerville, 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.