Compare Essex, 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 Essex.
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March 20, 2023
Below we provide helpful information on the real estate market, home prices and housing affordability in Essex. Understand how much you need to earn to afford a home in Essex, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Essex 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 Essex is right for you.
The median home value for Essex, MA is $584,987
Based on current mortgage rates and a 10% down payment, you need to make $122,038 per year to buy the median priced home in Essex
With this income, you could qualify for a $526,488 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 Essex is $2,826
The median household income for Essex, MA is $88,709
Based on this income, you can afford a home valued at approximately $425,228
The home price you can afford to buy based on household income in Essex is 73% of the median home value which means housing prices are very expensive. Essex ranks 10 out of 14 counties in Massachusetts and 3,058 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Essex, 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 Essex below.
Conforming loan limits for Essex, MA
FHA loan limits for Essex, MA
VA loan limits for Essex, MA