Housing Affordability Statistics for Middlesex County, Massachusetts
Home Prices Are Rapidly Increasing in Middlesex County
Middlesex County, Massachusetts includes the cities of Lowell, Somerville, Framingham, Waltham, and Malden. The County has a population of 1.6 million. In Middlesex County, the cost of homeownership is currently on an upward trajectory.
Greater demand and less supply as a result of work-at-home lifestyles are pushing up prices in Middlesex County. The number of homes listed for sale is at a historic low, supply is tight, and mortgage rates are low. Among other factors creating a seller’s market in Middlesex County, is millennials are keen to buy their first homes.
Middlesex County, outside Boston, is seeing the biggest gains in home prices in the nation.
Home prices are up over 30 percent in this area.
The sharp rise in home prices has worsened the affordability index by close to 20 percent year-over-year in Middlesex County.
ATTOM’s affordability index provides quarterly updates on home affordability trends for counties nationwide. The data shows where home price appreciation is outpacing wage growth, including the annual income typically needed to buy a home.
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Housing Affordability Index Summary for Middlesex County, Massachusetts
The biggest year-over-year gains in median home prices have been in the Middlesex County area in Massachusetts outside Boston. Home prices are up over 30 percent in this area. In 2005, house prices were around $380,000. A year ago, median house prices were around $500,000, and today, median house prices in Middlesex County are over $660,000.
The median average local wage in 2005 was around $58,000. Today, the median average wage is around $100,000. The annual income needed to buy an average home with 20 percent down is around $120,000.
The sharp rise in home prices has worsened the affordability index by close to 20 percent year-over-year. The current index for Middlesex County is around 95. Indexes of less than 100 are considered less affordable compared to their historical averages.
ATTOM’s housing affordability index or Middlesex County, Massachusetts, analyzes median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics.