Lawrence, Massachusetts Housing Market Prices
Lawrence 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 55% above the Massachusetts median$766,304
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Median rent 6% below the Massachusetts median$1,662
Housing Market Overview
| Metric | Lawrence | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $766,304 | $494,523 | $248,835 |
| Price Trend (Annual %) | 31.7% | 6.6% | 7.5% |
| Median Gross Rent | $1,662 | $1,761 | $1,407 |
| Rent Trend (Annual %) | 6.2% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lawrence is about 55% higher than in Massachusetts. Rent is about 6% lower 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 Lawrence, up about 31.7% and 6.2% a year respectively. Home prices are changing faster.
Median rent in Lawrence rose about 63.4% between 2015 and 2024, from $1,017 to $1,662. Over the same span, rent in Massachusetts rose about 59.8%.
Affordability
On average, housing unit costs 12.7 yearly household incomes in Lawrence.
Buying the median-priced home in Lawrence costs roughly 38.4 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 Lawrence. The price-to-rent ratio in Massachusetts is about 23.4.
| Metric | Lawrence | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $766,304 | $494,523 | $248,835 |
| Median Household Income | $60,489 | $104,336 | $80,455 |
| Price-to-Income Ratio | 12.7 | 4.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Lawrence rose about 382.7%, while median household income rose about 72.6% 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 | Lawrence | Massachusetts Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 27.5% | 57.5% | 58.5% |
| Rental Rate | 70.3% | 34.4% | 31.2% |
| Vacancy Rate | 2.2% | 8.1% | 10.2% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
Lawrence has a homeownership rate of 27.5%, lower than the Massachusetts average of 57.5%. Its housing vacancy rate is 2.2%, compared with 8.1% in Massachusetts.
Housing Stock
| Metric | Lawrence | Massachusetts Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.84 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1954 | 1963 | 1978 |
| Median Number of Rooms | 4.7 | 5.5 | 5.5 |
The typical housing unit in Lawrence was built around 1954. On average, 2.8 people live in a home with about 4.7 rooms, staying for about 11.0 years on average.
Lawrence, MA Housing Compared With Nearby Cities
How Lawrence, MA compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Lawrence, MA | 88,771 | $766,304 #1/3 | $1,662 #2/3 | 28.1% #3/3 |
| Haverhill, MA | 67,679 | $60,217 | $1,668 | 62.8% |
| Lowell, MA | 118,320 | $510,000 | $1,625 | 43.2% |
Frequently Asked Questions
Common questions about the housing market in Lawrence, Massachusetts.
What is the median home price in Lawrence, Massachusetts?
The median home price in Lawrence, Massachusetts is $766,304, higher than the Massachusetts average of $494,523.
What is the average home price in Lawrence, Massachusetts?
The typical home price in Lawrence, Massachusetts, reported as the median sale price, is $766,304. 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 Lawrence, Massachusetts?
The median gross rent in Lawrence, Massachusetts is $1,662 per month, lower than the Massachusetts average of $1,761.
What was the median gross rent in Lawrence in 2020?
In 2020, the median gross rent in Lawrence, Massachusetts was $1,187 per month.
What is the price-to-rent ratio in Lawrence, Massachusetts?
The price-to-rent ratio in Lawrence, Massachusetts is about 38.4, meaning it would take roughly 38.4 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 Lawrence.
Are home prices or rent rising faster in Lawrence, Massachusetts?
Both home prices and rent are rising in Lawrence, up about 31.7% and 6.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lawrence, Massachusetts?
27.5% of households in Lawrence, Massachusetts own their home, lower than the Massachusetts average of 57.5%.
What is the vacancy rate in Lawrence, Massachusetts?
The housing vacancy rate in Lawrence, Massachusetts is 2.2%, lower than the Massachusetts average of 8.1%.
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