Cost of Ownership · Massachusetts
The true cost of owning a home in Massachusetts
For a median $562,100 home in Massachusetts, here is the full monthly cost — not just the mortgage. Built from public data: the state's median home value and effective property-tax rate, its average homeowners premium, and the current 30-year rate. This is a representative example, not a quote.
Lender-approved payment
$4,090/mo
PITI + PMI
True monthly cost
$4,559/mo
everything, incl. upkeep
The gap
+$468/mo
what approval leaves out
Effective property-tax rate
1.07%
Avg. homeowners premium
$1,871/yr
NFIP flood claims on record
35,366
Closing costs in Massachusetts
Median closing costs and lender origination charges on real home-purchase loans in Massachusetts, from public CFPB HMDA data. Cells with fewer than 25 loans aren't shown.
Median total closing costs
$5,563
Typically $4,532–$8,777
Median origination charges
$1,590
Typically $1,122–$4,597
| Loan size | p25 | Median | p75 | Loans |
|---|---|---|---|---|
| All | $4,532 | $5,563 | $8,777 | 48,889 |
| All | $4,149 | $5,371 | $9,578 | 46,706 |
| < $250k | $3,542 | $4,256 | $5,711 | 4,361 |
| < $250k | $3,237 | $3,993 | $6,021 | 5,728 |
| $250k–$500k | $4,254 | $5,065 | $8,985 | 19,871 |
| $250k–$500k | $3,987 | $5,223 | $10,140 | 21,338 |
| $500k–$750k | $4,484 | $5,306 | $11,322 | 13,224 |
| $500k–$750k | $4,824 | $5,527 | $9,916 | 15,338 |
| > $750k | $5,767 | $6,662 | $9,212 | 9,319 |
| > $750k | $5,339 | $6,292 | $9,229 | 6,416 |
Compare your own Loan Estimate with the Loan Estimate Decoder, or see every state in the Fee & Rate Index.
Common questions about buying a home in Massachusetts
- What are the median closing costs in Massachusetts?
- Median total closing costs — lender and third-party charges — on a home-purchase loan in Massachusetts are about $5,563, from public CFPB HMDA data. Cells with fewer than 25 loans are suppressed.
- What is the effective property-tax rate in Massachusetts?
- The effective property-tax rate in Massachusetts is about 1.07%, from the Census American Community Survey (median real estate taxes divided by median home value).
- What does a median home cost to own each month in Massachusetts?
- A median $562,100 home in Massachusetts costs about $4,559 a month to own — principal, interest, property tax, insurance, PMI, and a maintenance reserve — versus a lender-approved payment of about $4,090. Every figure is from public data.
These figures use Massachusetts's median home value and a 10% down payment as a representative example. Your price, rate, and county rate will differ — run your own numbers in the True Cost tool, see how Massachusetts ranks on property tax and insurance, or browse every state.