Massachusetts Housing Market Prices
Massachusetts 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 99% above the US median Among the 5 most expensive states in US$494,523
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Median rent 25% above the US median Among the 5 most expensive states in US$1,761
Median Home Price Map: Counties in Massachusetts
Housing Market Overview
| Metric | Massachusetts | US Average |
|---|---|---|
| Median Home Price | $494,523 | $248,835 |
| Price Trend (Annual %) | 6.6% | 7.5% |
| Median Gross Rent | $1,761 | $1,407 |
| Rent Trend (Annual %) | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Massachusetts is about 99% higher than in US. Rent is about 25% higher than the US 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 Massachusetts, up about 6.6% and 5.7% a year respectively. Home prices are changing faster.
Median rent in Massachusetts rose about 59.8% between 2015 and 2024, from $1,102 to $1,761. Over the same span, rent in US rose about 52.1%.
Affordability
On average, housing unit costs 4.7 yearly household incomes in Massachusetts.
Buying the median-priced home in Massachusetts costs roughly 23.4 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 Massachusetts. The price-to-rent ratio in US is about 14.7.
| Metric | Massachusetts | US Average |
|---|---|---|
| Median Home Price | $494,523 | $248,835 |
| Median Household Income | $104,336 | $80,455 |
| Price-to-Income Ratio | 4.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Massachusetts rose about 83.2%, while median household income rose about 57.0% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Massachusetts | US Average |
|---|---|---|
| Homeownership Rate | 57.5% | 58.5% |
| Rental Rate | 34.4% | 31.2% |
| Vacancy Rate | 8.1% | 10.2% |
| Median Tenure (years) | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 |
Massachusetts has a homeownership rate of 57.5%, lower than the US average of 58.5%. Its housing vacancy rate is 8.1%, compared with 10.2% in US.
Housing Stock
| Metric | Massachusetts | US Average |
|---|---|---|
| Average Household Size | 2.44 people | 2.53 people |
| Median Structure Built Year | 1963 | 1978 |
| Median Number of Rooms | 5.5 | 5.5 |
The typical housing unit in Massachusetts was built around 1963. On average, 2.4 people live in a home with about 5.5 rooms, staying for about 16.0 years on average.
Massachusetts Housing Compared With Nearby States
Massachusetts is the 2nd largest of the 6 states compared here, 7,031,620 residents against a local median of 1,394,471. Where Massachusetts breaks from the states next to it is median home price, sitting 64% above the local median of $300,691 at $494,523.
Median rent tells the same story from another angle: $1,761 against a local median of $1,481, 19% above it. The states themselves spread $152,456 on median home price, so Massachusetts sits at one end of an already wide local range rather than apart from it. Massachusetts has the highest median home price of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Massachusetts | 7,031,620 | $494,523 #1/6 | $1,761 #1/6 | 62.5% #6/6 |
| Rhode Island | 1,100,398 | $360,248 | $1,341 | 63.6% |
| Connecticut | 3,347,044 | $281,244 | $1,481 | 67.4% |
| New Hampshire | 1,394,471 | $300,691 | $1,490 | 72.8% |
| Vermont | 646,793 | $207,791 | $1,234 | 73.2% |
| New Jersey | 9,334,304 | $352,792 | $1,719 | 63.8% |
Frequently Asked Questions
Common questions about the housing market in Massachusetts.
What is the median home price in Massachusetts?
The median home price in Massachusetts is $494,523, higher than the US average of $248,835.
What is the average home price in Massachusetts?
The typical home price in Massachusetts, reported as the median sale price, is $494,523. 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 Massachusetts?
The median gross rent in Massachusetts is $1,761 per month, higher than the US average of $1,407.
What was the median gross rent in Massachusetts in 2020?
In 2020, the median gross rent in Massachusetts was $1,336 per month.
What is the price-to-rent ratio in Massachusetts?
The price-to-rent ratio in Massachusetts is about 23.4, meaning it would take roughly 23.4 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 Massachusetts.
Are home prices or rent rising faster in Massachusetts?
Both home prices and rent are rising in Massachusetts, up about 6.6% and 5.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Massachusetts?
57.5% of households in Massachusetts own their home, lower than the US average of 58.5%.
What is the vacancy rate in Massachusetts?
The housing vacancy rate in Massachusetts is 8.1%, lower than the US average of 10.2%.
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