Compare Boston, MA mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Boston.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Boston. Plus, shopping lenders is free and there is no obligation.
January 19, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Boston. Understand how much you need to earn to afford a home in Boston, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Boston fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Boston is right for you.
The median home value for Boston, MA (Suffolk County) is $721,589
Based on current mortgage rates and a 10% down payment, you need to make $118,229 per year to buy the median priced home in Boston
With this income, you could qualify for a $649,430 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Boston is $2,738
The median household income for Boston, MA (Suffolk County) is $83,830
Based on this income, you can afford a home valued at approximately $511,641
The home price you can afford to buy based on household income in Boston is 71% of the median home value which means housing prices are very expensive. Boston (Suffolk County) ranks 12 out of 14 counties in Massachusetts and 3,119 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Boston, MA is very expensive
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Boston (Suffolk County) below.
Conforming loan limits for Boston, MA
FHA loan limits for Boston, MA