realestate

Massachusetts Homebuying Costs: A State of Affordability Concern

Massachusetts homebuyers require one of the highest incomes nationwide to purchase a home, Realtor.com reports.

T
o buy a home in Massachusetts, buyers need one of the highest incomes in the country. According to Realtor.com's analysis, only Hawaii requires higher earnings for homebuyers. In 36 states, buying a median-priced home is challenging or impossible for households with median incomes.

    The required income to purchase a home in Massachusetts is over $215,000 per year, making it the second-highest among all states. With a median home list price of more than $732,000, buyers face significant financial hurdles.

    The top five states where buyers need the highest incomes are:

    * Hawaii: $235,588

    * Massachusetts: $215,696

    * California: $210,557

    * New York: $189,207

    * Montana: $178,017

    These states have some of the most expensive housing markets in the country, making it difficult for homebuyers to afford a median-priced home.

Massachusetts homebuyers face affordability concerns amidst rising costs and housing market pressures.