Best Affordable Places to Live in Massachusetts in 2024

Best Places to Live in Massachusetts

Finding the best places in Massachusetts to live requires a little research. This list gives you a head start, sharing the best affordable places to live in Massachusetts for families, young adults, young professionals, and retirees. Each city included in these rankings was evaluated based on these factors:

•   Population

•   Median household income

•   Cost of living

•   Median rent price

•   Home price-to-income ratio

•   Average property tax

This guide includes larger metro areas as well as smaller cities. Dive in to see which locales made the list as the best places to live in Massachusetts.

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Best Affordable Places to Live in Massachusetts

The five cities listed below are among the most affordable overall. These cities are budget-friendly, and each one has something unique to make it an attractive choice for relocating. If you’re looking for the best place to live based on cost and you’re planning to buy a home, you may want to research some tips to qualify for a mortgage.

1. Leominster

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Leominster is a suburban community of just over 40,000 people, located approximately 90 minutes from Boston. In terms of affordability, Leominster boasts a relatively low cost of living compared to other Massachusetts cities and features a family-friendly vibe.

Population: 43,646

Median Household Income: $69,525

Cost of Living: 9% above the national average

Median Rent Price: $1,650

Home Price-to-Income Ratio: 5.60

Average Property Tax: 1.62%

Housing Affordability: The home price to income ratio is slightly higher but overall, it’s much cheaper to buy in Leominster than many other Massachusetts towns, which could be ideal for first-time homebuyers. There’s plenty of variety, including single-family homes, condos, and townhouses. Rents are also affordable.

2. Quincy

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Quincy might appeal to homebuyers and renters who want to live a little closer to Boston and don’t mind paying slightly more to rent or buy. You’ve got all the amenities of a larger city, while still enjoying a smaller town feel. There are an array of historical attractions nearby. Another plus: It’s close to the coast for those who like spending time at the shore.

Population: 101,727

Median Household Income: $85,041

Cost of Living: 41% higher than the national average

Median Rent Price: $2,450

Home Price-to-Income Ratio: 7.76

Average Property Tax: 1.35%

Housing Affordability: The housing market is warming up, with home prices rising roughly 10% year over year, but there’s a silver lining of sorts. While you’ll spend more of your income to buy a home here, the median home sale price is approximately $100,000 below the median list price.

3. Adams

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Adams could be ideal for people who are seeking a small-town experience. In terms of its appeal beyond the low cost of living, Adams is family-friendly, with plenty of nature trails and outdoor spaces, though it also attracts its fair share of retirees.

Population: 8.047

Median Household Income: $49,691

Cost of Living: 5% higher than the national average

Median Rent Price: $1,300

Home Price-to-Income Ratio: 4.62

Average Property Tax: 1.62%

Housing Affordability: Housing is highly affordable for both renters and homebuyers alike, despite the fact that home prices have increased by 9.4% year over year. Notably, rental prices have seen a sharp drop over the last year, putting them 38% below the national median.

4. Westfield

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Westfield is located near the Springfield area. With a population topping 40,000, it’s a bustling city. While Westfield is a bit further afield from Boston, there’s still plenty to do here for young families and the students who attend Westfield State University.

Population: 40,535

Median Household Income: $73,692

Cost of Living: 5% higher than the national average

Median Rent Price: $1,600

Home Price-to-Income Ratio: 4.96

Average Property Tax: 1.82%

Housing Affordability: While housing prices are trending up 14% year over year, rental prices have risen at a slower pace. The cost of living is slightly above the national average but still lower than many other Massachusetts cities and towns.

5. New Bedford

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New Bedford is located in the South Coast region, which may be perfect for homebuyers and renters who prefer to live near the water. The city has a rich history and a highly walkable downtown, with the town of Dartmouth and its zoo, wineries, and nature preserves just a 10-minute drive away.

Population: 100,682

Median Household Income: $50,581

Cost of Living: 11% higher than the national average

Median Rent Price: $1,500

Home Price-to-Income Ratio: 7.50

Average Property Tax: 1.39%

Housing Affordability: Median rent prices have declined $125 year over year, while the median home price has climbed slightly by 5.4%. Overall, it remains a highly affordable pick for people who’d prefer to live in a larger city.

Best Places to Live in Massachusetts for Families

Raising a family can influence your decision on where to move, as you’ll need to consider things like the local school system and kid-friendly activities, as well as income opportunities and the social scene for adults. Comparing different types of mortgage loans can help you plan your budget if you’re hoping to buy a home.

These cities are among the best places to live in Massachusetts if you’re looking for family-friendly options.

1. Springfield

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Springfield is the largest city in the Western New England region and attracts plenty of young families, who are often drawn to its well-rated schools. Despite there being a seller’s market, housing is still highly affordable.

Population: 154,064

Median Household Income: $43,308

Cost of Living: 8% higher than the national average

Median Rent Price: $1,531

Home Price-to-Income Ratio: 6.35

Average Property Tax: 1.82%

Housing Affordability: Median sale prices are up 11.7% year over year, while the number of homes sold is down by 32.7%. The market is highly competitive, with homes selling in 21 days and at 4% above list price on average.

2. Brewster

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Brewster is situated on the Lower Cape and could be a great option for families who enjoy spending time outdoors: There are beautiful beaches on the bay, lakes, and rail trails to explore. However, you will likely need a larger budget to enjoy this classic New England lifestyle.

Population: 10,444

Median Household Income: $88,110

Cost of Living: 11% higher than the national average

Median Rent Price: $2,300

Home Price-to-Income Ratio: 9.05

Average Property Tax: 0.89%

Housing Affordability: Sale prices have been on a consistent upward trend, though again, that may not be a sticking point for families or individuals who have more to spend on a home. The average down payment is 30% of the purchase price, and in-demand properties go for 7% above the list price. You may want to look into jumbo home loans if you’re eyeing a pricier property.

3. Stoneham

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Stoneham is located just a few miles north of Boston and has earned a reputation for being one of the friendliest towns in Massachusetts. Families might choose to move here for its combination of good schools and convenient access to the city.

Population: 22,705

Median Household Income: $105,541

Cost of Living: 34% higher than the national average

Median Rent Price: $2,500

Home Price-to-Income Ratio: 7.55

Average Property Tax: 1.24%

Housing Affordability: Housing costs are higher here than other Massachusetts cities, but the median household income is higher as well. Overall, the current market is highly competitive, with median sale prices rising 16.9% year-over-year. The average home for sale shifts to pending status within 13 days of listing.

4. Wayland

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John Phelan , Creative Commons Attribution-ShareAlike 3.0 Unported

Families will appreciate the well-ranked schools here. This quiet bedroom community is one of the best places to live in Massachusetts for families in search of a pleasant environment in which to raise children. As a smaller town, it offers fewer amenities. However, it’s close to Boston, which is great for commuting or planning family outings on the weekend.

Population: 13,664

Median Household Income: $203,789

Cost of Living: 38% higher than the national average

Median Rent Price: $3,500

Home Price-to-Income Ratio: 4.90

Average Property Tax: 1.24%

Housing Affordability: Housing prices are among the highest in the state, but the median household income is much higher here as well. Homes in Wayland sell quickly, going into pending status in 12 days on average. The typical home sells for about 4% over its list price, which can be a good stat to keep in mind if you are planning to bid.

5. Newton

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Newton offers a dense suburban feel. It has long been a favorite of families, who appreciate its top-rated schools. It’s also close enough to Boston to make it convenient for commuters, which brings in young professionals as well.

Population: 87,381

Median Household Income: $164,607

Cost of Living: 43% higher than the national average

Median Rent Price: $3,600

Home Price-to-Income Ratio: 9.76

Average Property Tax: 1.24%

Housing Affordability: Cost-wise, Newton is a bit more expensive than some of the other cities profiled so far. The overall housing market is warm rather than hot, however, with median home prices declining 1.5% year-over-year. Sale-to-list prices increased modestly at 1.1%.

💡 Quick Tip: A major home purchase may mean a jumbo loan, but it doesn’t have to mean a jumbo down payment. Apply for a jumbo mortgage with SoFi, and you could put as little as 10% down.

Best Places to Live in Massachusetts for Young Adults

Jobs and entertainment tend to be key factors for young adults looking for a place to land in Massachusetts. They may flock to the Boston area to start their careers, but the surrounding suburbs can also attract plenty of up-and-coming professionals. These cities rate as the best places to live in Massachusetts for recent college grads and working young adults.

1. Somerville

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Somerville’s close proximity to Boston makes it a natural haven for young professionals. There’s plenty of diversity here as well as a thriving nightlife scene, along with coffee shops, parks, and restaurants to explore. Job opportunities abound, too.

Population: 79,762

Median Household Income: $108,896

Cost of Living: 50% higher than the national average

Median Rent Price: $3,384

Home Price-to-Income Ratio: 9.13

Average Property Tax: 1.24%

Housing Affordability: The majority of residents rent instead of owning; as you see from the figures above, buying can take considerable resources. Another positive for those looking to live in Somerville: Rental prices have declined slightly year over year, thanks in part to a sizable inventory of available properties. Home prices have increased by 17.9% year over year while the number of homes sold has declined by 43.2%, suggesting that the market may be starting to cool.

2. Wakefield

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Wakefield is a smaller suburb of Boston that’s home to a number of young professionals. The local crowd here is both highly educated and diverse. The majority of the population ranges from 25 to 64 years of age, and the median household income is nearly double the national figure.

Population: 27,069

Median Household Income: $110,372

Cost of Living: 34% higher than the national average

Median Rent Price: $2,400

Home Price-to-Income Ratio: 5.73

Average Property Tax: 1.24%

Housing Affordability: Compared to Somerville, housing is cheaper, and the majority of residents own their homes rather than renting. Median sale prices have declined 6% year over year, but the percentage of homes sold above list price has increased. The average home goes into pending status in around 17 days. If you are looking to purchase a home, you may want to explore first-time homebuyer programs in Massachusetts to potentially make the process easier and/or more affordable.

3. Waltham

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Waltham is located approximately 30 minutes from Boston and is a bustling suburban community for young professionals who want to stay close to the metro area. The population is young, with the majority of residents in the 18 to 44 range. There are plenty of jobs to be had with both larger and smaller companies. In addition, young professionals will find a variety of things to do after work hours and on weekends, including restaurants, clubs, and even a circus school where adventurous students can learn acrobatics.

Population: 64,065

Median Household Income: $103,498

Cost of Living: 41% higher than the national average

Median Rent Price: $2,706

Home Price-to-Income Ratio: 7.79

Average Property Tax: 1.24%

Housing Affordability: Median sale prices are up 17.6% year over year, with the number of homes sold declining by 32.8%. The market remains competitive, with many properties continuing to sell above the list price (in some cases, as much as 10% higher). Understanding the mortgage preapproval process can help if you are preparing to start your hunt for a house.

4. Malden

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Malden is a diverse town and can be a good place for young adults to launch their careers. Job growth is a bit slower in Malden, but the fact that it’s less than 30 minutes from Boston makes it easier for residents to cast a wide net when seeking employment. Glow-in-the-dark mini golf and a craft brewery provide local entertainment.

Population: 64,712

Median Household Income: $77,119

Cost of Living: 34% higher than the national average

Median Rent Price: $2,700

Home Price-to-Income Ratio: 8.23

Average Property Tax: 1.24%

Housing Affordability: Of the various suburbs around Boston, Malden proves to be one of the most affordable for young professionals based on rent and housing prices. Slightly more people rent than own and rent prices have held steady over the last year. The market follows the trend exhibited in other Massachusetts cities, with median home prices rising 16.5% year over year while the number of homes sold declined by 13%.

5. Watertown

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Compared to other Boston suburbs, Watertown is on the smaller side with a population that trends younger. The majority of residents are aged 25 to 54. In terms of nightlife, Watertown is somewhat quieter than other towns, but there are still a number of restaurants and shopping destinations to check out. Newton is close by, however, and Boston is a 25-minute drive.

Population: 35,022

Median Household Income: $101,402

Cost of Living: 50% higher than the national average

Median Rent Price: $3,000

Home Price-to-Income Ratio: 8.70

Average Property Tax: 1.24%

Housing Affordability: While median sale prices are up, the increase is moderate compared to other cities in Massachusetts. While 90.5% of homes sell above their list price, it’s not necessarily a bonanza for sellers. On average, buyers are paying just 2% above list price to purchase a home here.

Best Places to Live in Massachusetts for Retirees

Massachusetts could be a great place to retire from a tax perspective. Social Security benefits are not taxed here, and income from Massachusetts state and local government retirement plans is also tax-exempt. Retirees can choose from larger urban areas, quieter suburban cities, and cozy small towns.

1. North Adams

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North Adams is small but not so small as to lack all of the basic amenities you’d expect in retirement, including access to healthcare. Roughly half of the population is over age 45, and around 20% of residents are 65 or older. The North Adams Council on Aging offers numerous programs and services to support older residents, including transportation services, wellness and fitness programs, and assistance with applying for public benefits.

Population: 12,777

Median Household Income: $48,575

Cost of Living: 3% below the national average

Median Rent Price: $1,750

Home Price-to-Income Ratio: 4.71

Average Property Tax: 1.62%

Housing Affordability: North Adams has one of the lowest costs of living in the state, making it one of the most affordable places to live in Massachusetts for retirees who may be on a fixed income. The local market is warm, with the median sale price rising 29.1% year over year. Home sales and the number of homes selling above list price have both increased over the past year as well.

2. Framingham

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Framingham is a college town, but there are a sizable number of older adults and retirees who make their home here. The city is unique in that it blends some of the best elements of both urban and suburban living, with plenty of things for retirees to do along with access to excellent healthcare. Boston is less than a 40-minute drive, making it convenient enough for outings.

Population: 70,963

Median Household Income: $90,638

Cost of Living: 30% higher than the national average

Median Rent Price: $2,558

Home Price-to-Income Ratio: 6.95

Average Property Tax: 1.24%

Housing Affordability: The cost of living is higher in Framingham than other cities that rank as the best places to live in Massachusetts for retirees. However, the median household income is also higher. Median sale prices increased 11.5% over the last year while home inventory has decreased, leading to a highly competitive buying environment. Checking out a home loan help center can help you know how to navigate the buying process.

3. Montague

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Montague is a smaller suburb of Springfield located in a culturally diverse area of Western Massachusetts. On the affordability scale, it rates as one of the best places to retire in Massachusetts on a budget. The cost of living is actually below the national average, making it something of a rarity in the state. Retirees compose just under 20% of the population, and the area is convenient to shopping, dining, libraries, and healthcare.

Population: 8,463

Median Household Income: $65,925

Cost of Living: 3% below the national average

Median Rent Price: $1,395

Home Price-to-Income Ratio: 4.43

Average Property Tax: 1.77%

Housing Affordability: Median list prices are actually down nearly 20% year over year, which makes Montague an outlier from other Massachusetts cities that are seeing rising home prices. While it’s still a seller’s market, falling prices could benefit retirees who are looking to buy on a budget.

4. Pittsfield

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Pittsfield is another Western Massachusetts locale that’s ideally suited to retirees who are looking for an affordable cost of living. Around 20% of residents are retired, and there are a significant number of single seniors here, which could make it ideal for older people who are interested in making personal connections. In addition to outstanding healthcare, Pittsfield offers access to the arts, dining, and shopping. One more upside to living in Pittsfield as a retiree: The public transit system makes it easy to get around.

Population: 43,310

Median Household Income: $59,522

Cost of Living: 8% higher than the national average

Median Rent Price: $1,475

Home Price-to-Income Ratio: 5.34

Average Property Tax: 1.62%

Housing Affordability: Pittsfield is another seller’s market, as the number of homes listed has declined by 12.1% year over year. Median sales prices have risen by 6.8%. Homes, however, spend a little longer on the market here, with just over half selling for above the list price.

5. Fitchburg

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Fitchburg is a paradox of sorts, offering an urban vibe against a country backdrop. There are a number of retirees living in the area, where museums, parks, and local breweries abound. Affordable housing costs are another plus.

Population: 41,506

Median Household Income: $60,466

Cost of Living: 5% higher than the national average

Median Rent Price: $1,600

Home Price-to-Income Ratio: 5.86

Average Property Tax: 1.62%

Housing Affordability: Despite a slight increase in median sale prices, homes are still highly affordable in Fitchburg, selling for a median of $373,000. Similar to other Massachusetts cities, the number of homes sold has declined and the majority of homes sell for above their list price here.

Best Places to Live in Massachusetts Near the Beach or Mountains

Massachusetts offers the best of both worlds, with beaches located along the East Coast and mountains to the west. Regardless of which type of scenery you prefer, you’ll find a generous mix of both. Here are the best places to live in Massachusetts if you’re looking for beach communities or mountain towns.

1. Rockport

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Rockport is a quiet town of just under 7,000 people that offers access to several beaches with scenic views. It’s a great spot for people who enjoy the outdoors, as nature is the biggest attraction. In addition to pristine stretches of sand, you’ll also find plenty of hiking trails. If you’re looking to pick up the pace a little, Rockport is close to Gloucester, Danvers, and Newburyport.

Population: 6,925

Median Household Income: $88,377

Cost of Living: 24% higher than the national average

Median Rent Price: $3,200

Home Price-to-Income Ratio: 9.74

Average Property Tax: 1.32%

Housing Affordability: Housing is a little more expensive here but that’s typical of other beachfront towns. Median sale prices are up 43.8%, but homes stay on the market longer here. The average property goes into pending status within 34 days. The number of homes sold above list price has declined drastically year over year.

2. Yarmouth

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For those who want to be close to the water, Yarmouth deserves a look. It’s one of the oldest towns on Cape Cod and boasts a shoreline that spans Cape Cod Bay and Nantucket Sound. The area is a mix of historic sites and new developments, with the three villages of West Yarmouth, South Yarmouth, and Yarmouth Port attracting visitors. If you’re looking for things to do, there’s Whydah Pirate Museum and the Edward Gorey House, not to mention numerous nature trails.

Population: 25,244

Median Household Income: $72,124

Cost of Living: 20% higher than the national average

Median Rent Price: $2,800

Home Price-to-Income Ratio: 8.94

Average Property Tax: 0.89%

Housing Affordability: Yarmouth is a little more expensive from a housing perspective, but property taxes are lower here compared to other coastal towns. Median sale prices are up 16% over last year’s levels. As there are more buyers than properties for sale, it’s a seller’s market for now. However, renting could make the fantasy of living by the beach a reality.

3. Gloucester

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Gloucester is on Cape Ann, part of the North Shore area. Some of the best beaches in the state are located here, and vacationers frequently rub elbows with locals during the summer months. Gloucester is home to a mix of families, retirees, and young professionals who prefer the slower pace of beach living with the amenities of a larger suburban town.

Population: 29,836

Median Household Income: $82,984

Cost of Living: 27% higher than the national average

Median Rent Price: $2,900

Home Price-to-Income Ratio: 9.63

Average Property Tax: 1.32%

Housing Affordability: Gloucester’s housing market is on an upward trend, with median sale prices rising 12% year over year. The number of homes sold is down 32.1%, creating may mean more competition among buyers. Homes sell relatively quickly, without about a third of properties selling above their list price.

4. Lenox

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Lenox is situated near the Berkshire Mountains just south of Pittsfield. A popular summer destination, it’s also an idyllic year-round home for those who appreciate good schools and beautiful surroundings. The town is the summer home of the Boston Symphony Orchestra at Tanglewood. Other cultural attractions include The Mount, Edith Wharton’s home, and the Ventfort Hall Mansion and Gilded Age Museum.

Population: 5,064

Median Household Income: $71,117

Cost of Living: 12% higher than the national average

Median Rent Price: $2,688

Home Price-to-Income Ratio: 10.01

Average Property Tax: 1.62%

Housing Affordability: Lenox has seen a significant increase in home prices over the last year, with the median sale price up by 55.7%. Home inventory has actually increased slightly, so there are more properties to choose from, but it remains a seller’s market. Rentals can offer a more affordable way to live close to the mountains in Lenox.

5. Great Barrington

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Great Barrington is also part of Berkshire County, with access to mountain trails, and sits close to the Massachusetts-New York state line. The area has a small-town feel with hip and trendy shops in its center. There’s a thriving arts scene, and it’s also close to Butternut Basin, which is perfect for ski aficionados.

Population: 7,214

Median Household Income: $65,192

Cost of Living: 12% higher than the national average

Median Rent Price: $3,199

Home Price-to-Income Ratio: 13.08

Average Property Tax: 1.62%

Housing Affordability: Compared to other beach and mountain towns in Massachusetts, Great Barrington has more expensive housing, but the overall cost of living isn’t that much higher than the national average. The median sale price is actually down 8.2% year over year, and competition for properties is limited, which could make it a good pick for bargain-hunters.

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The Takeaway

Overall, Massachusetts can be a pricey place to live, but there are options for people of varied budgets and life stages. Whether you’re a first-time homebuyer or anticipate renting for the near-term, it helps to know what you can expect to pay for housing as well as other costs, such as utilities and taxes. The cities included here represent the best places to live in Massachusetts that are also budget-friendly.

If you are planning to make a home purchase, shopping around for a mortgage is an important step to finding the right loan to suit your needs and your budget.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help. SoFi Mortgages: simple, smart, and so affordable.

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FAQ

What is the best city to live in Massachusetts 2023?

The best city to live in Massachusetts is subjective and can depend on what you’re looking for as a resident. Some of the most popular places to live in Massachusetts include Boston, Cambridge, Worcester, and Springfield.

Where is the most affordable place to live in Massachusetts?

Some of the most affordable cities in Massachusetts include Leominster, Easthampton, Fitchburg, Gardner, and New Bedford. When comparing costs of living in Massachusetts, it’s helpful to look at things like housing, utilities, groceries, transportation, insurance, and property taxes.

What is the cheapest New England state to live in?

Based on the overall cost of living, Rhode Island is the cheapest of the six states that make up the New England region, followed by Maine. Massachusetts, on the other hand, has the highest cost of living overall.

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