52% of Massachusetts renters already spend 30 percent or more of income on rent, against a median household income of $103,960, so size any loan payment carefully. Compare written offers on total cost, confirm the lender's license and refuse any fee demanded before funding.
On this page
- Massachusetts by the numbers
- What the numbers mean for Massachusetts borrowers
- Largest places in Massachusetts
- The next 20 places in Massachusetts
- Counties with the most residents
- How Massachusetts earns a living
- More context for Massachusetts budgets
- Checking a lender in Massachusetts
- Can Massachusetts residents use the questionnaire?
- Local guides in Massachusetts
- Frequently asked questions
Massachusetts by the numbers
Before any advice, the data: Massachusetts against the country on income, housing costs, work and commuting.
| Budget measure | Massachusetts | U.S. | Rank (1 = highest) |
|---|---|---|---|
| Median household income | $103,960 | $80,734 | 2nd |
| Poverty rate | 10.0% | 12.5% | 42nd |
| Jobless rate, 5-year ACS | 5.2% | 5.2% | 18th |
| Median gross rent per month | $1,762 | $1,413 | 4th |
| Renters paying 30%+ of income on rent | 52% | 51% | 12th |
| Median home value | $562,100 | $332,700 | 5th |
| Homes owner-occupied | 63% | 65% | 47th |
| Mortgaged owners paying 30%+ on housing | 30% | 28% | 9th |
| Years of median income to buy the median home | 5.4x | 4.1x | 8th |
| Workers commuting 45+ minutes | 22% | 17% | 4th |
| Working from home | 19% | 15% | 6th |
| Adults 25+ with a bachelor's degree | 47% | 36% | 2nd |
| Age, median | 40.0 | 38.9 | 17th |
| Income inequality (Gini index) | 0.489 | 0.483 | 6th |
| Share of households under $35,000 | 18% | 21% | 39th |
| Share of households at $100,000+ | 52% | 41% | 3rd |
What the numbers mean for Massachusetts borrowers
Long commutes of 45 minutes or more affect 22% of Massachusetts workers, which ranks 4th of 51. Fuel, tires and insurance belong in the budget before you size any loan payment.
Ranked by median household income, Massachusetts comes in 2nd with $103,960, 29% above the country's $80,734. Income is the first thing a lender verifies, so have recent pay stubs or tax returns ready before you compare offers.
The bottom and top of the Massachusetts income ladder: 18% of households under $35,000, 52% at $100,000 or more. U.S. comparison: 21% and 41%. The income gap matters for borrowing: the same $300 payment is a rounding error for one household and a budget crisis for another.
About 63% of Massachusetts homes are owner-occupied (47th of 51; U.S. 65%), and the median home is valued at $562,100, or 5.4 times the median household income. 30% of mortgaged owners are housing-cost burdened, versus 28% nationally. Owners can also compare a home-equity line against a personal loan, keeping in mind that equity borrowing puts the house at risk.
Largest places in Massachusetts
Where most Massachusetts residents live: the 12 largest cities, towns and census-designated places, with the latest five-year Census figures.
| City or town | County | People | Household income (median) | Median gross rent | Median home value |
|---|---|---|---|---|---|
| Boston | Suffolk County | 666,442 | $97,344 | $2,147 | $731,700 |
| Worcester | Worcester County | 207,055 | $70,102 | $1,487 | $374,400 |
| Springfield | Hampden County | 154,749 | $52,656 | $1,144 | $245,000 |
| Cambridge | Middlesex County | 118,796 | $130,748 | $2,787 | $1,092,100 |
| Lowell | Middlesex County | 118,368 | $78,658 | $1,625 | $429,200 |
| Brockton | Plymouth County | 105,386 | $80,115 | $1,641 | $437,500 |
| Quincy | Norfolk County | 102,114 | $98,882 | $2,118 | $618,500 |
| Lynn | Essex County | 101,709 | $75,043 | $1,722 | $510,100 |
| New Bedford | Bristol County | 100,998 | $56,981 | $1,137 | $357,300 |
| Fall River | Bristol County | 94,082 | $56,673 | $1,155 | $395,500 |
| Newton | Middlesex County | 89,044 | $190,304 | $2,370 | $1,264,900 |
| Lawrence | Essex County | 88,736 | $60,433 | $1,662 | $415,200 |
Wellesley ($250,001) and Springfield ($52,656) mark the high and low ends of median household income among Massachusetts places with at least 20,000 residents. 151 places top 10,000 people; 26 top 50,000. Median rent in that group ranges from $1,021 in Holyoke to $2,891 in Lexington.
The next 20 places in Massachusetts
20 more Massachusetts places, largest first.
| City or town | Population | Median household income | Rent (median) |
|---|---|---|---|
| Somerville | 81,036 | $132,572 | $2,517 |
| Framingham | 72,399 | $107,419 | $2,033 |
| Haverhill | 67,698 | $88,326 | $1,668 |
| Malden | 65,906 | $100,606 | $2,204 |
| Waltham | 64,902 | $120,216 | $2,268 |
| Brookline | 63,266 | $142,101 | $2,835 |
| Taunton | 60,433 | $79,283 | $1,324 |
| Revere | 60,012 | $86,969 | $2,076 |
| Medford | 59,354 | $129,540 | $2,509 |
| Weymouth Town | 58,505 | $102,714 | $1,941 |
| Chicopee | 55,295 | $62,615 | $1,157 |
| Peabody | 54,695 | $96,657 | $1,950 |
| Methuen | 53,475 | $113,310 | $1,749 |
| Everett | 50,045 | $85,218 | $2,076 |
| Barnstable Town | 49,568 | $91,982 | $1,917 |
| Attleboro | 46,762 | $98,954 | $1,590 |
| Arlington | 46,350 | $150,701 | $2,082 |
| Salem | 44,795 | $85,153 | $1,836 |
| Leominster | 43,909 | $83,816 | $1,354 |
| Pittsfield | 43,457 | $70,582 | $1,134 |
Measured as a year of median rent against median household income, housing weighs most in Everett (29%) and least in Arlington (17%) among these 20 places.
Counties with the most residents
Of 14 counties in Massachusetts, these 14 have the most people.
| County | Residents | Median income | Median gross rent | Typical home value |
|---|---|---|---|---|
| Middlesex County | 1,638,365 | $130,847 | $2,201 | $727,800 |
| Worcester County | 867,788 | $95,939 | $1,426 | $423,700 |
| Essex County | 813,054 | $101,883 | $1,756 | $619,100 |
| Suffolk County | 785,121 | $95,631 | $2,129 | $705,800 |
| Norfolk County | 730,082 | $130,739 | $2,149 | $683,900 |
| Bristol County | 582,270 | $85,625 | $1,245 | $451,200 |
| Plymouth County | 535,075 | $114,201 | $1,747 | $556,000 |
| Hampden County | 462,815 | $71,306 | $1,136 | $298,800 |
| Barnstable County | 231,668 | $95,241 | $1,678 | $629,000 |
| Hampshire County | 162,028 | $87,001 | $1,388 | $390,300 |
| Berkshire County | 129,430 | $76,013 | $1,097 | $305,400 |
| Franklin County | 70,944 | $74,907 | $1,177 | $329,000 |
| Dukes County | 20,933 | $125,786 | $1,277 | $1,165,800 |
| Nantucket County | 14,483 | $139,688 | $2,213 | $1,593,800 |
The richest county by median income is Nantucket County ($139,688); the lowest is Hampden County ($71,306). Check the row for your own county before you decide what payment is comfortable.
How Massachusetts earns a living
Four industries employ the largest shares of working Massachusetts residents; the national shares are shown for comparison.
| Sector | Share of Massachusetts workers | National share | Difference |
|---|---|---|---|
| Education, health care and social assistance | 28% | 24% | +4.6 pts |
| Professional, scientific and administrative services | 16% | 13% | +3.1 pts |
| Retail trade | 10% | 11% | -1.2 pts |
| Manufacturing | 9% | 10% | -0.9 pts |
Compared with the country, Massachusetts leans most toward education, health care and social assistance, at 28% of workers against 24% nationally. Industry matters to a borrower because it decides how easy income is to document: salaried and public jobs verify quickly, while tips, commission, seasonal and contract pay need more records.
More context for Massachusetts budgets
Over 2020 to 2024, 5.2% of the Massachusetts labor force was unemployed on average in the ACS, against 5.2% nationally; the poverty rate was 10.0%. Five-year estimates smooth out booms and slumps, so they describe the economy's shape more than its current mood.
Massachusetts renters pay a median $1,762 a month. 52% of them spend 30 percent or more of income on rent, above the national share of 51%. Renters have no home equity to fall back on, which makes comparing APR and total cost more important, not less.
Massachusetts's Gini index of income inequality is 0.489 (U.S.: 0.483; higher means more unequal), 47% of adults 25 and older hold a bachelor's degree, and the median resident is 40.0 years old.
Checking a lender in Massachusetts
License checks come first. Massachusetts's banking agency, per the Conference of State Bank Supervisors, is the Massachusetts Division of Banks, and many consumer lenders also show their state licenses on NMLS Consumer Access.
- CFPB complaints reach the lender and are tracked by a federal regulator.
- Ask for the lender's license number and look it up on NMLS Consumer Access.
- Report fee-first offers at ReportFraud.ftc.gov.
Can Massachusetts residents use the questionnaire?
Not every state has a lending partner yet. Choose Massachusetts on the location step and the questionnaire will tell you right away whether matching is open; if it is not, you can leave an email for the waitlist.
Local guides in Massachusetts
City-level guides for Massachusetts (6 so far):
Frequently asked questions
Which agency licenses lenders in Massachusetts?
Start with the Massachusetts Division of Banks, Massachusetts's banking agency in the CSBS directory. Many lenders' state licenses also appear on NMLS Consumer Access, and the CFPB takes complaints nationwide.
What is the median household income in Massachusetts?
The Census Bureau puts it at $103,960, which places Massachusetts 2nd of 51 (U.S.: $80,734).
Is rent high in Massachusetts?
The typical renter pays $1,762; the U.S. median is $1,413. In Massachusetts, 52% of renting households spend 30 percent or more of income on housing.
How common are long commutes in Massachusetts?
22% of Massachusetts workers travel 45 minutes or more to work, against 17% nationally (ACS 2020 to 2024). Long drives raise fuel and repair costs, so build them into any loan budget.