How Much House Can You Afford in Massachusetts?
Lenders typically use the 28/36 rule: your monthly housing payment should not exceed 28% of gross monthly income, and total debt payments should stay under 36%. With Massachusetts's median income of $89,000/year ($7,417/month), that means a maximum housing payment of roughly $2,077/month.
At 6.77% over 30 years with a 15% down payment ($87,000), that monthly budget supports a purchase price of approximately $551,000–$580,000. The median home price in Massachusetts is $580,000, which means housing is significantly more expensive than the national average.