Mortgage payment estimates, closing cost breakdowns, and homebuying data for Lynn, Massachusetts.
Median Home Price
$465K
Population
101K
Avg Monthly Rent
$1,920
Property Tax Rate
1.2% *
* Property tax shown is the Massachusetts state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Lynn.
Lynn vs Massachusetts Median
The median home price in Lynn is $465,000, which is 22% below the Massachusetts state median of $595,000.
Mortgage Calculator — Lynn, MA
Pre-filled with Lynn median home price and Massachusetts tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $465K home using Massachusetts's 1.2% tax rate and $2,200/yr insurance.
5% Down
$3,698/mo
Down: $23,250
Loan: $442K
P&I: $2,792
Tax: $465
Insurance: $183
PMI: $258
10% Down
$3,538/mo
Down: $46,500
Loan: $419K
P&I: $2,645
Tax: $465
Insurance: $183
PMI: $244
20% Down (No PMI)
$3,000/mo
Down: $93,000
Loan: $372K
P&I: $2,351
Tax: $465
Insurance: $183
Income needed (28% rule): $129K/year with 20% down, $152K/year with 10% down.
Rent vs Buy in Lynn
Rent
$1,920/mo
vs
Buy (10% down)
$3,538/mo
Price-to-rent ratio: 20.2 — At a ratio above 20, renting may be more economical in Lynn for shorter stays. Buying costs $1,618 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Lynn is $465,000, 22% below the Massachusetts state median of $595,000. With a population of 101,253, Lynn is a mid-size city where home prices tend to be more accessible than in many parts of Massachusetts.
Property taxes in Massachusetts average 1.2% annually. This moderate property tax rate means a $465,000 home in Lynn would carry roughly $465/month in property taxes. Homeowners insurance in Massachusetts runs approximately $2,200 per year. This is within the normal range nationally.
Average rent in Lynn is $1,920/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Lynn is a higher-cost market. At $465K median, buyers need significant savings or strong income. Down payment assistance through Massachusetts's MassHousing DPA program becomes especially important.