How Much House Can I Afford in Massachusetts on $120K?
Based on Massachusetts's 1.2% property tax rate and $2,200/yr homeowners insurance.
Can You Afford the Median Home in Massachusetts?
The median home in Massachusetts ($595K) exceeds your $391K budget by $204K. But many areas in Massachusetts have homes well below the median. Check the affordable cities below for areas within your budget.
Affordable Cities in Massachusetts on $120K
These Massachusetts cities have median home prices within your $391K budget.
Up to $50,000 DPA loan. First-time buyers in Massachusetts should explore this program to reduce upfront costs. Combined with your $391K budget, state assistance can significantly lower the cash you need to close.
Buying a Home in Massachusetts on $120K
In Massachusetts, higher-than-average costs reduce your purchasing power. With a 1.2% property tax rate above $2,200/yr insurance, your maximum affordable price is $391K — that is $10K less than the $401K you would get using national averages. Massachusetts's insurance costs are higher than many states, which reduces how much you can borrow.
Massachusetts's combination of 1.2% property taxes and $2,200/yr insurance puts it in the moderate-cost category. Your $391K budget gives you a solid starting point, though you will be looking below the $595K state median. Focus on cities and neighborhoods where your budget represents strong buying power — in many parts of Massachusetts, $391K buys a well-maintained home in a good school district.
Budget $10K for closing costs in Massachusetts (roughly 1.6% of the purchase price). Combined with your $39,121 down payment, you will need approximately $49K in cash to close. MassHousing DPA may help offset these costs — contact them early in the process to understand eligibility and timelines. Get pre-approved with a Massachusetts-based lender who understands local programs and can close efficiently.