In the lower-priced third of Greater Boston municipalities, the median single-family home sold for $600,000 through June 2026, according to the Greater Boston Housing Report Card. Buying at that price with 3.5% down takes about $39,000 at closing in the report’s model. Keeping monthly housing costs within 30% of income takes about $181,000 a year.
The Boston Foundation released the report November 10. Its researchers counted mortgage principal and interest, taxes and insurance in the monthly cost, then estimated what renters earned using American Community Survey data. They found that about 17% of Greater Boston renter households cleared the income threshold for the lower-priced communities, down from 29% in the 2021 comparison. The income comparison measures earnings. Buyers still need savings or another source of cash to close.
The report’s down payment scenarios keep the home price at $600,000. Putting down 10% takes about $78,000 at closing, including estimated closing costs, and lowers the monthly bill by about $250 compared with 3.5% down. Putting down 20% takes about $138,000 at closing and brings the modeled annual income threshold to about $144,000.
That last step, from 3.5% to 20% down, takes $99,000 more at closing. Apply the report’s 30% affordability benchmark to the two rounded income thresholds and the implied monthly housing budget falls from about $4,525 to $3,600, a difference of roughly $925. Both figures come from multiplying annual income by 30% and dividing by 12. They describe the report’s affordability model. A buyer comparing the two options can check the cash due at closing and the full monthly housing payment on an actual offer.