In 2006, the sales of single family dwellings in Massachusetts rose 2%. At the same time, the price of a single family dwelling dropped 1.7% to $344,000. What prospective buyer will find even more intriguing is that the inventory in the Boston housing industry is the highest it has been in a decade. So, not only will prospective buyers find that they can have their pick of the Boston litter, but they can get it for a good price.
Quick Boston Housing Facts
Percent of Homeowners in Boston: 61.7%
Percent of Renters in Boston: 38.3%
Median Boston Household Income: $50,502
Average Boston Credit Score: 705
Best City to Live in Massachusetts: Westwood, Westborough, Northampton, Mansfield
Median Boston Home Value: $185,700
How Much Real Estate Can I Afford in Boston?
We can’t tell you exactly what kind of house you can afford in Boston because we aren’t hackers or identity thieves (you can breathe a sigh of relief now). But don’t worry, we can still offer you help. Complete the following questionnaire to start.
- What kind of mortgage payments am I willing to make each month? Be sure to be realistic when budgeting your mortgage payments. It is better to be honest now than to find yourself in an undesirable situation later.
- What kind of payment plan will work for me? Read up on the different types of payment plans. Check out Fixed Rate Mortgages and Adjustable Rate Mortgages first, they are very popular, but also be sure to check out other plans.
- What are the current mortgage interest rates in Boston?
- What are property taxes like in Boston?
Now that you’ve completed the questionnaire, check out our mortgage calculators. Once you’re done number crunching, you’ll have a better idea of how you fit into the Boston housing market.
Refinancing in Boston
Refinancing can be a powerful economic tool. The main purpose of a refinance is to take advantage of low interest rates. If the market interest rate is 2% lower than your current interest rate, it’s probably a good idea to refinance and lock in that interest rate before it goes up again. It’s also a good idea to refinance if your credit score had significantly improved and you now qualify for a lower interest rate. Refinances are designed to better your economic situation, so if the situation is right, take advantage of it.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.