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If you’re thinking about buying a home in Massachusetts, one of the first questions that probably comes to mind is: “How much do I need to save?” It’s a fair question — and while the numbers can feel intimidating at first glance, there are more options and resources available than most people realize.
Current Market Snapshot
Right now, the average home price across Massachusetts is around $649,000. But here in Worcester County, the average is closer to $487,000, which makes this area one of the more affordable places to buy in the state. That difference alone can significantly reduce what you’ll need upfront.
What Buyers Typically Spend
When it comes to the down payment, there’s no one-size-fits-all answer. Some buyers put down 20%, but many use loan programs that allow for much less. FHA loans require just 3.5% down, and MassHousing’s ONE Mortgage program offers 3% down with no private mortgage insurance for qualified first-time buyers. That means you could potentially buy a home in Worcester County with a down payment of under $15,000.
Closing costs are another part of the equation. In Massachusetts, buyers typically pay between 2% and 5% of the purchase price in closing costs. On a home priced around $487,000, that could range from about $9,700 to $24,000. These costs cover things like lender fees, title insurance, and your appraisal.
You’ll also want to plan for an earnest money deposit when you make an offer. This is usually 1% to 3% of the purchase price and shows the seller you’re serious. It’s applied to your closing costs later, but it’s money you’ll need to have available upfront.
Making It More Affordable
The good news is that Massachusetts offers several programs to help with these costs. MassHousing provides up to $30,000 in down payment assistance statewide, and the ONE+ program offers up to $50,000 in down payment and closing cost assistance for eligible first-time buyers.
As for income, estimates suggest that to comfortably afford a median-priced home in Massachusetts, a household income of around $210,000 may be needed. But that’s just a general benchmark. Many buyers qualify with less, especially when they take advantage of assistance programs and explore homes in more affordable areas like Worcester County.
Final Thoughts
Buying a home is a big financial step, but it’s absolutely within reach, especially when you have the right guidance and a plan that fits your budget. The process might feel overwhelming at first, but with the right information and support, it becomes much more manageable. Whether you’re just starting to explore or seriously considering a move, understanding your options is the first step toward making confident decisions.
