Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.

Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.

Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some Massachusetts cities are far more affordable than others.

According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Massachusetts is worth $483,900. But across the 41 cities, towns and unincorporated communities in the state with populations of at least 35,000, median home values range from less than $200,000 to over $1 million.

In any local market, home prices are often a reflection of what residents can afford. In Massachusetts, many of the least expensive cities for homebuyers are not high-income areas. Of the 41 places in Massachusetts with available data from the ACS, 22 have a median home value that is less than the statewide median. In each of these places, the typical household earns less than the statewide median household income of $96,505. Similarly, most of Massachusetts’s more expensive housing markets have higher earning populations.

Why It Matters

Homeownership is one of the most practical ways to build wealth in the United States, and rising borrowing costs and home values are pricing out a growing share of the population. The state of the U.S. housing market also has broader economic implications. According to the Congressional Research Service, spending associated with homeownership totaled $1.1 trillion in 2021, or nearly 5% of U.S. gross domestic product.

These are the cheapest and most expensive housing markets in Massachusetts.

41. Springfield

• Median home value: $198,500
• Homes worth over $1 million: 0.4%
• Homeownership rate: 47.8%
• Median household income: $47,677
• Total population: 155,305

40. Pittsfield

• Median home value: $219,600
• Homes worth over $1 million: 1.6%
• Homeownership rate: 61.6%
• Median household income: $66,859
• Total population: 43,730

39. Chicopee

• Median home value: $230,700
• Homes worth over $1 million: 1.2%
• Homeownership rate: 59.0%
• Median household income: $63,866
• Total population: 55,441

38. Holyoke

• Median home value: $236,800
• Homes worth over $1 million: 0.7%
• Homeownership rate: 41.5%
• Median household income: $49,007
• Total population: 38,210

37. Fitchburg

• Median home value: $262,500
• Homes worth over $1 million: 0.7%
• Homeownership rate: 55.7%
• Median household income: $65,963
• Total population: 41,621

36. Westfield

• Median home value: $282,100
• Homes worth over $1 million: 0.5%
• Homeownership rate: 66.4%
• Median household income: $78,307
• Total population: 40,794

35. New Bedford

• Median home value: $291,300
• Homes worth over $1 million: 0.8%
• Homeownership rate: 39.9%
• Median household income: $54,604
• Total population: 100,620

34. Worcester

• Median home value: $305,600
• Homes worth over $1 million: 1.0%
• Homeownership rate: 42.1%
• Median household income: $63,011
• Total population: 204,191

33. Leominster

• Median home value: $323,400
• Homes worth over $1 million: 0.4%
• Homeownership rate: 65.5%
• Median household income: $75,620
• Total population: 43,620

32. Fall River

• Median home value: $328,100
• Homes worth over $1 million: 0.6%
• Homeownership rate: 35.9%
• Median household income: $52,734
• Total population: 93,638

31. Taunton

• Median home value: $359,500
• Homes worth over $1 million: 0.6%
• Homeownership rate: 61.8%
• Median household income: $72,782
• Total population: 59,436

30. Lowell

• Median home value: $362,800
• Homes worth over $1 million: 2.0%
• Homeownership rate: 43.3%
• Median household income: $73,008
• Total population: 114,737

29. Brockton

• Median home value: $364,700
• Homes worth over $1 million: 0.6%
• Homeownership rate: 56.4%
• Median household income: $74,016
• Total population: 104,713

28. Lawrence

• Median home value: $370,600
• Homes worth over $1 million: 0.7%
• Homeownership rate: 29.9%
• Median household income: $53,977
• Total population: 88,067

27. Attleboro

• Median home value: $378,900
• Homes worth over $1 million: 0.5%
• Homeownership rate: 65.9%
• Median household income: $91,378
• Total population: 46,384

26. Haverhill

• Median home value: $400,900
• Homes worth over $1 million: 1.4%
• Homeownership rate: 60.0%
• Median household income: $81,989
• Total population: 67,273

25. Methuen Town

• Median home value: $439,500
• Homes worth over $1 million: 0.5%
• Homeownership rate: 74.0%
• Median household income: $93,681
• Total population: 52,812

24. Marlborough

• Median home value: $439,600
• Homes worth over $1 million: 1.3%
• Homeownership rate: 57.3%
• Median household income: $94,199
• Total population: 41,391

23. Lynn

• Median home value: $442,800
• Homes worth over $1 million: 1.0%
• Homeownership rate: 48.6%
• Median household income: $70,046
• Total population: 100,653

22. Chelsea

• Median home value: $450,600
• Homes worth over $1 million: 2.0%
• Homeownership rate: 27.9%
• Median household income: $71,051
• Total population: 39,890

21. Salem

• Median home value: $464,200
• Homes worth over $1 million: 2.2%
• Homeownership rate: 50.7%
• Median household income: $79,196
• Total population: 44,541

20. Weymouth Town

• Median home value: $469,300
• Homes worth over $1 million: 1.4%
• Homeownership rate: 68.3%
• Median household income: $95,879
• Total population: 57,300

19. Barnstable Town

• Median home value: $498,700
• Homes worth over $1 million: 6.7%
• Homeownership rate: 75.6%
• Median household income: $94,387
• Total population: 48,922

18. Peabody

• Median home value: $508,400
• Homes worth over $1 million: 0.9%
• Homeownership rate: 65.5%
• Median household income: $91,125
• Total population: 54,204

17. Revere

• Median home value: $518,600
• Homes worth over $1 million: 3.8%
• Homeownership rate: 51.0%
• Median household income: $78,968
• Total population: 60,577

16. Framingham

• Median home value: $553,200
• Homes worth over $1 million: 2.9%
• Homeownership rate: 55.1%
• Median household income: $94,909
• Total population: 71,805

15. Everett

• Median home value: $557,700
• Homes worth over $1 million: 3.8%
• Homeownership rate: 35.8%
• Median household income: $77,796
• Total population: 48,685

14. Quincy

• Median home value: $563,200
• Homes worth over $1 million: 5.8%
• Homeownership rate: 43.9%
• Median household income: $90,668
• Total population: 100,981

13. Beverly

• Median home value: $569,300
• Homes worth over $1 million: 7.6%
• Homeownership rate: 60.1%
• Median household income: $99,525
• Total population: 42,414

12. Malden

• Median home value: $570,600
• Homes worth over $1 million: 4.1%
• Homeownership rate: 42.6%
• Median household income: $90,295
• Total population: 65,463

11. Braintree Town

• Median home value: $596,800
• Homes worth over $1 million: 4.8%
• Homeownership rate: 76.7%
• Median household income: $120,593
• Total population: 38,748

10. Woburn

• Median home value: $612,500
• Homes worth over $1 million: 4.1%
• Homeownership rate: 58.8%
• Median household income: $104,780
• Total population: 40,992

9. Medford

• Median home value: $669,600
• Homes worth over $1 million: 8.0%
• Homeownership rate: 53.3%
• Median household income: $114,863
• Total population: 61,748

8. Waltham

• Median home value: $679,000
• Homes worth over $1 million: 7.9%
• Homeownership rate: 47.9%
• Median household income: $113,443
• Total population: 64,711

7. Boston

• Median home value: $684,900
• Homes worth over $1 million: 21.5%
• Homeownership rate: 34.8%
• Median household income: $89,212
• Total population: 665,945

6. Watertown Town

• Median home value: $722,000
• Homes worth over $1 million: 15.3%
• Homeownership rate: 51.3%
• Median household income: $117,625
• Total population: 35,181

5. Arlington

• Median home value: $839,200
• Homes worth over $1 million: 26.7%
• Homeownership rate: 60.7%
• Median household income: $136,312
• Total population: 45,906

4. Somerville

• Median home value: $860,500
• Homes worth over $1 million: 33.5%
• Homeownership rate: 33.6%
• Median household income: $120,778
• Total population: 80,464

3. Cambridge

• Median home value: $997,600
• Homes worth over $1 million: 49.8%
• Homeownership rate: 33.6%
• Median household income: $121,539
• Total population: 117,962

2. Newton

• Median home value: $1,136,200
• Homes worth over $1 million: 60.4%
• Homeownership rate: 70.4%
• Median household income: $176,373
• Total population: 88,453

1. Brookline

• Median home value: $1,181,200
• Homes worth over $1 million: 62.7%
• Homeownership rate: 46.4%
• Median household income: $130,600
• Total population: 62,698

Rank	Places in Massachusetts with at least 35,000 residents	Median home value ($)	Homeownership rate (%)	Median household income ($)	Total Population
1	Brookline	1,181,200	46.4	130,600	62,698
2	Newton	1,136,200	70.4	176,373	88,453
3	Cambridge	997,600	33.6	121,539	117,962
4	Somerville	860,500	33.6	120,778	80,464
5	Arlington	839,200	60.7	136,312	45,906
6	Watertown Town	722,000	51.3	117,625	35,181
7	Boston	684,900	34.8	89,212	665,945
8	Waltham	679,000	47.9	113,443	64,711
9	Medford	669,600	53.3	114,863	61,748
10	Woburn	612,500	58.8	104,780	40,992
11	Braintree Town	596,800	76.7	120,593	38,748
12	Malden	570,600	42.6	90,295	65,463
13	Beverly	569,300	60.1	99,525	42,414
14	Quincy	563,200	43.9	90,668	100,981
15	Everett	557,700	35.8	77,796	48,685
16	Framingham	553,200	55.1	94,909	71,805
17	Revere	518,600	51.0	78,968	60,577
18	Peabody	508,400	65.5	91,125	54,204
19	Barnstable Town	498,700	75.6	94,387	48,922
20	Weymouth Town	469,300	68.3	95,879	57,300
21	Salem	464,200	50.7	79,196	44,541
22	Chelsea	450,600	27.9	71,051	39,890
23	Lynn	442,800	48.6	70,046	100,653
24	Marlborough	439,600	57.3	94,199	41,391
25	Methuen Town	439,500	74.0	93,681	52,812
26	Haverhill	400,900	60.0	81,989	67,273
27	Attleboro	378,900	65.9	91,378	46,384
28	Lawrence	370,600	29.9	53,977	88,067
29	Brockton	364,700	56.4	74,016	104,713
30	Lowell	362,800	43.3	73,008	114,737
31	Taunton	359,500	61.8	72,782	59,436
32	Fall River	328,100	35.9	52,734	93,638
33	Leominster	323,400	65.5	75,620	43,620
34	Worcester	305,600	42.1	63,011	204,191
35	New Bedford	291,300	39.9	54,604	100,620
36	Westfield	282,100	66.4	78,307	40,794
37	Fitchburg	262,500	55.7	65,963	41,621
38	Holyoke	236,800	41.5	49,007	38,210
39	Chicopee	230,700	59.0	63,866	55,441
40	Pittsfield	219,600	61.6	66,859	43,730
41	Springfield	198,500	47.8	47,677	155,305

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