The national average for a down payment on a home in Massachusetts is the seventh highest of any state in the US. According to the website dedicated to personal finance, Moneywise, the average down payment on a property in the state of Massachusetts is approximately $73,000.
This is yet another sign that residents of the state, particularly first-time buyers, are struggling to find housing that is within their price range.
According to the Zillow site, the typical down payment that Massachusetts homebuyers make is about 13% of the home’s value, even though the traditional norm for a down payment is that it should equal 20% of the home’s worth.
Moneywise based its estimate of the necessary down payment on the national median property price. When purchasing a home with a value of $583,964, which is the median price in the state of Massachusetts, the typical home buyer in the state will spend between $43,979 and $158,269 on closing costs.
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Even if you are successful in bringing the sale of your house to a close, you will still need savings to ensure that you can meet all of the ongoing costs associated with being a homeowner. The region around Boston has 139 cities and towns, and the median price across all of them was $670,000.
The Warren Group found that the typical price of a single-family home in Massachusetts was $540,000 in March, which is approximately 5% more than the same month last year, and that the median price of a condominium was $500,000.
According to Moneywise, Massachusetts was the fifth most expensive state for a normal down payment, ranking behind only Hawaii, California, Washington, and Colorado. According to the findings of the study, a down payment of more than $110,000 is required to purchase a home with a value of $849,000 in Hawaii.
Explicit Massachusetts costs associated with closure: Even though they consist of a number of smaller fees lumped together, closing costs are typically the next most considerable expense for home buyers after the down payment.
Although this is just an average, the closing costs for a home purchase in Massachusetts cost about $10,851 on average for the buyer. It all depends on the price you sell it for, the fees the lender charges, and the negotiations you have with the seller. It could be more, or it could be less.
For instance, as a means of sweetening the sale, sellers will occasionally offer to cover some of the closing fees. This practice is known as offering seller concessions.
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