Income needed to buy a home
Essex County, MA
$246,482
a year in household income to buy the typical Essex County home with 10% down.
The monthly math
Typical home value$722,540
Down payment (10%)$72,254
Loan$650,286
Principal and interest (7.40%)$4,502/mo
Property tax (1.02% a year)$617/mo
Homeowners insurance (estimate)$361/mo
Mortgage insurance$271/mo
Total monthly cost$5,751/mo
Income needed keeps housing at 28% of gross income, the lender rule of thumb.
What locals earn
Out of reach
The typical household here earns $101,883 a year, 41% of what it takes.
In Massachusetts
Essex County ranks #8 of 14 for the income a home takes, from least to most.
Easiest to afford in Massachusetts
| County | Typical home | Income needed |
|---|---|---|
| Hampden County | $354,728 | $125,912 |
| Franklin County | $373,782 | $131,487 |
| Berkshire County | $391,869 | $135,149 |
| Hampshire County | $454,514 | $160,439 |
| Worcester County | $498,010 | $173,889 |
Typical home value from the Zillow Home Value Index, August 2026. Rate is the Freddie Mac 30-year average for Oct 8, 2026. Property tax rate is total taxes paid divided by total home value in the county (U.S. Census, ACS 2020-2024). How it works.