Total monthly cost of ownership
Cost to Own a Home in Swampscott, Massachusetts
A $691,000 home here costs
$5,431per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $233,000 a year.
A standard mortgage calculator would have told you $3,767. The real number is $1,664 higher every month, 44% more than the payment most buyers budget for.
Compare Essex 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.
Swampscott against Essex County and Massachusetts
| Measure | Swampscott | Essex County |
|---|---|---|
| Median home value | $690,800 | $584,000 |
| Median property tax | $8,014 | $6,267 |
| Effective tax rate | 1.160% | 1.073% |
| Median gross rent | $2,223 | $1,673 |
| Population | 15,209 | 807,258 |
The weather behind that power bill
Swampscott sits in Essex County, which averages a high of 81.8°F in its hottest month and a low of 19.7°F in its coldest, with 44.89" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 611 cooling and 6,103 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Essex County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Essex County
Full Essex County cost breakdown · Every county in Massachusetts
Talk to someone who works this market
These are Swampscott 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 Swampscott every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Swampscott I already own here and may sell
Common questions
How much does it cost to own a home in Swampscott?
A $691,000 home in Swampscott, Massachusetts costs approximately $5,431 per month with 20% down at 7.24%. That is $3,767 principal and interest, $668 property tax, $179 homeowners insurance, $242 utilities and $576 set aside for maintenance.
What is the property tax rate in Swampscott?
Swampscott has an effective property tax rate of 1.160%, based on a median home value of $690,800 and median real estate taxes of $8,014. That is higher than the Essex County average of 1.073%.
What is the average home price in Swampscott?
The median owner-occupied home value in Swampscott, Massachusetts is $690,800, against $584,000 across Essex County.
Is it cheaper to rent or buy in Swampscott?
Median gross rent in Swampscott is $2,223 a month, against $5,431 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 Swampscott?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Swampscott, Massachusetts at today's rate takes a household income of roughly $233,000 a year. That covers the full $5,431 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Swampscott, 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.