With about 663,972 residents, Boston is one of the largest cities in Massachusetts, and its median home value of $710,400 is above the Massachusetts median of $525,800. At about 7.5× the median household income, homes here stretch typical budgets, making down payment help and FHA or conventional 3%-down loans especially valuable. With prices this high, check whether your loan amount exceeds the county conforming limit.
How much does it cost to buy a typical home in Boston?
| Scenario | Down payment | Est. monthly payment | Income needed (28% / 36%) |
|---|---|---|---|
| FHA, 3.5% down | $24,864 | $5,872 | $252,000 / $196,000 |
| Conventional, 20% down | $142,080 | $4,683 | $201,000 / $157,000 |
Estimates use the Census median home value, a 30-year rate (see below), Massachusetts's 1.11% effective property tax rate, $2,134/yr insurance (NAIC state average) and FHA mortgage insurance.
Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.
What are the 2026 loan limits for Boston?
Boston is in Suffolk County, where the single-family FHA limit is $962,550 (max price ≈ $997,000 with 3.5% down) and the conforming limit is $962,550. Loans above that are jumbo loans.
Is there down payment assistance in Boston?
- First-Time Homebuyer Program (Boston Home Center Financial Assistance) — Up to 3% of purchase price plus eligible closing costs, capped at $50,000 (under 100% AMI); up to 2%, capped at $35,000 (101-135% AMI); grant; city-level. City of Boston Mayor's Office of Housing - Boston Home Center · Verified October 25, 2026
- MassHousing Down Payment Assistance (Option 1) — Up to $30,000; deferred; state-level. MassHousing · Verified October 23, 2026
- MassHousing Down Payment Assistance (Option 2) — Up to $25,000 at a fixed 2% rate over 15 years; second_mortgage; state-level. MassHousing · Verified October 23, 2026
What mortgage options do Boston buyers have?
- Conventional Loan — Not government-backed; as little as 3% down for first-time buyers, PMI removable at 20% equity.
- FHA Loan — Government-insured; 3.5% down with a 580 credit score and flexible debt-to-income rules.
- VA Loan — For eligible veterans, service members and surviving spouses: 0% down and no monthly mortgage insurance.
- USDA Loan — 0% down for moderate-income buyers in eligible rural and suburban areas.
- Jumbo Loan — For loan amounts above the conforming limit; usually 10–20% down and 700+ credit.
- First-Time Home Buyer Loans — Low-down-payment loans plus state assistance programs designed for first-time buyers.
- Self-Employed Mortgage — Options for business owners and 1099 earners, including tax-return and bank-statement loans.
- DSCR Purchase Loan — Investment-property loans qualified on the rental income of the property, not personal income.
- New Construction Home Loans — Financing for a newly built home from a builder, or for building your own with a construction-to-permanent loan.
Home loan options in Boston
- FHA loans in Boston, MA
- First-time home buyer programs in Boston, MA
- VA loans in Boston, MA
- Conventional loans in Boston, MA
- Home affordability in Boston, MA
- New construction home loans in Boston, MA
- Jumbo loans in Boston, MA
- Down payment assistance in Boston, MA
How much will I pay in property taxes in Boston?
Homeowners in Massachusetts pay a median of $5,813 a year in property taxes — an effective rate of about 1.11% of the median home value, above the national average (Census ACS). Actual rates vary by county and municipality. Ask your agent for the specific property's tax history.
Nearby cities (Suffolk County first)
Boston home buying FAQs
Sources
- U.S. Census Bureau — ACS 2019–2023 5-Year Estimates
- FHFA — 2026 Conforming Loan Limit Values
- HUD — 2026 FHA Forward Mortgage Limits (county file)
- NAIC — Homeowners Insurance Report, Data for 2023 (HO-3 average premium)
- City of Boston Mayor's Office of Housing - Boston Home Center — First-Time Homebuyer Program (Boston Home Center Financial Assistance)
- MassHousing — MassHousing Down Payment Assistance (Option 1)
Data last updated October 23, 2026.
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Get My MatchesFigures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.