Boston, Massachusetts Housing Market Prices
Boston Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 51% above the Massachusetts median$746,315
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Median rent 22% above the Massachusetts median$2,147
Housing Market Overview
| Metric | Boston | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $746,315 | $494,523 | $248,835 |
| Price Trend (Annual %) | 2.1% | 6.6% | 7.5% |
| Median Gross Rent | $2,147 | $1,761 | $1,407 |
| Rent Trend (Annual %) | 5.8% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Boston is about 51% higher than in Massachusetts. Rent is about 22% higher than the Massachusetts average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Boston, up about 2.1% and 5.8% a year respectively. Rent is changing faster.
Median rent in Boston rose about 62.7% between 2015 and 2024, from $1,320 to $2,147. Over the same span, rent in Massachusetts rose about 59.8%.
Affordability
On average, housing unit costs 7.7 yearly household incomes in Boston.
Buying the median-priced home in Boston costs roughly 29.0 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Boston. The price-to-rent ratio in Massachusetts is about 23.4.
| Metric | Boston | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $746,315 | $494,523 | $248,835 |
| Median Household Income | $97,421 | $104,336 | $80,455 |
| Price-to-Income Ratio | 7.7 | 4.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Boston rose about 46.3%, while median household income rose about 78.9% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Boston | Massachusetts Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 32.5% | 57.5% | 58.5% |
| Rental Rate | 58.7% | 34.4% | 31.2% |
| Vacancy Rate | 8.8% | 8.1% | 10.2% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
Boston has a homeownership rate of 32.5%, lower than the Massachusetts average of 57.5%. Its housing vacancy rate is 8.8%, compared with 8.1% in Massachusetts.
Housing Stock
| Metric | Boston | Massachusetts Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.18 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1956 | 1963 | 1978 |
| Median Number of Rooms | 4.3 | 5.5 | 5.5 |
The typical housing unit in Boston was built around 1956. On average, 2.2 people live in a home with about 4.3 rooms, staying for about 11.0 years on average.
Boston, MA Housing Compared With Nearby Cities
Boston, MA is the largest of the 4 cities compared here, 660,627 residents against a local median of 60,022. Where Boston, MA breaks from the cities next to it is homeownership, sitting 21% below the local median of 45.3% at 35.6%. That is the weaker end of the local range on this measure.
The cities themselves spread 8.3% on homeownership, so Boston, MA sits at one end of an already wide local range rather than apart from it. Boston, MA has the 4th highest homeownership of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Boston, MA | 660,627 | $746,315 #3/4 | $2,147 #1/4 | 35.6% #4/4 |
| Quincy, MA | 102,031 | $1,518,234 | $2,118 | 45.3% |
| Everett, MA | 49,993 | $624,999 | $2,076 | 37.2% |
| Revere, MA | 60,022 | $814,815 | $2,076 | 45.6% |
Frequently Asked Questions
Common questions about the housing market in Boston, Massachusetts.
What is the median home price in Boston, Massachusetts?
The median home price in Boston, Massachusetts is $746,315, higher than the Massachusetts average of $494,523.
What is the average home price in Boston, Massachusetts?
The typical home price in Boston, Massachusetts, reported as the median sale price, is $746,315. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Boston, Massachusetts?
The median gross rent in Boston, Massachusetts is $2,147 per month, higher than the Massachusetts average of $1,761.
What was the median gross rent in Boston in 2020?
In 2020, the median gross rent in Boston, Massachusetts was $1,685 per month.
What is the price-to-rent ratio in Boston, Massachusetts?
The price-to-rent ratio in Boston, Massachusetts is about 29.0, meaning it would take roughly 29.0 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Boston.
Are home prices or rent rising faster in Boston, Massachusetts?
Both home prices and rent are rising in Boston, up about 2.1% and 5.8% a year respectively. Rent is changing faster.
What is the homeownership rate in Boston, Massachusetts?
32.5% of households in Boston, Massachusetts own their home, lower than the Massachusetts average of 57.5%.
What is the vacancy rate in Boston, Massachusetts?
The housing vacancy rate in Boston, Massachusetts is 8.8%, higher than the Massachusetts average of 8.1%.
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