In the year 1620, 102 men, women, and children set sail from England, hoping to begin anew in the New World. Though it was headed for Virginia, the Mayflower crossed the Atlantic and docked on Massachusetts' shores. The "pilgrims," as we now refer to them, were expecting to find a developed land full of opportunity. They were ill-equipped to deal with the uninhabited area and relied on the native population to teach them how to survive the wilderness, build homes, and work the land. Pilgrims celebrated their first harvest with a three-day festival, and we commemorate their sentiments by celebrating Thanksgiving every year.
The 35 million worldwide descendants of the original pilgrims will find a different Massachusetts today with a population of 6,892,503 across 7,800 square miles. Though the state is fully developed with several financial hubs and high-end communities, many areas throughout Massachusetts still resemble the colonial days when its residents were at the forefront of the Revolutionary War and the Industrial Revolution. As one of the original 13 colonies located along the Atlantic Ocean, the state always was-and still is-a desirable destination for people to live in and visit. If you're looking for a new hometown, you can choose between metropolitan, rural, urban, and historical communities by browsing through the rent-to-own homes available in Massachusetts.
Massachusetts is a great place for affordable rent-to-own
With a median household income of over $84,385
and a median rent of $1,336, the Massachusetts
rent-to-own market is more affordable than the traditional housing market
which has shown tremendous growth across the U.S. and with it, aggressive
competition for home purchases.
With the current housing shortage trend it can make it harder to become a
homeowner, including in Massachusetts. This means higher
than average down payments for homes and higher qualification standards for
conventional home loans. With a rent-to-own property, tenants are also
buyers. You can live in the house for a set amount of time before you
purchase it, meaning that you get to know the house, your neighbors, and
your community before making the final purchase. This enables you and your
family to make the right choice based on both information and experience.
Rent-to-own is also a great alternative way to get into a home if you have
bad credit or don't have enough saved for a down payment.
Average Cost of Living in Massachusetts
Massachusetts is generally an expensive place to live. The average cost of living in the state is 27.2% higher than the rest of the country due to the high cost of groceries, housing, utilities, and transportation. Cities like Cambridge and Boston are even less affordable, with costs of living that are 81.8% and 62.4% higher than the national average. However, many municipalities have more reasonable living costs. Gardner and Palmer Town are 6.3% and 6.9% lower than the U.S. average, and Springfield is 10.3% below average.
Average Home Prices in Massachusetts
You can find plenty of affordable housing in Massachusetts, but the median cost of a home in the state is $407,900, which is well above the U.S. average of $231,200. Cambridge and Boston are even higher at $807,200 and $602,000. Prices in Agawam Town are near average at $227,600, and homes in Gardner and Springfield are well below average at $182,000 and $165,800. Though many areas in the state have high housing costs, there are plenty of affordable rent-to-own homes in Massachusetts.
If you're interested in Massachusetts rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Massachusetts statistics compared to the U.S. national average.
|Massachusetts Averages||National Averages|
|One-Way Commute||29.3 minutes||26.4 minutes|
|Income Tax Rate||5.1%||4.6%|
|Median Household Income||$67,846||$53,482|
|Median Property Taxes||$4,500||$2,200|
|Median Home Cost||$407,900||$231,200|
|Median Home Age||57 years||40 years|
Popular Massachusetts Cities
Boston was at the heart of the state's revolutionary spirit from the beginning. The Boston Tea Party and the Boston Massacre are two examples of the city expressing its desire to govern and develop without British influence. There are currently 692,600 people living in Boston, the capital and most populous city in Massachusetts. The city is the focal point of the Greater Boston Area, which has a Gross Metro Product of $251.1 billion. In addition to its modern-day prominence, Boston is proud of its past, and the city displays its historical significance at locations throughout Boston.
Cambridge and its surrounding area are famously known as an educational region with hundreds of schools of higher learning and several hundred thousand students. Harvard University and the Massachusetts Institute of Technology are located in Cambridge. The city has 118,927 residents living on 6.39 square miles. Its 13% population increase since 2010 despite having high housing costs is a testament to the city's desirability. The Alewife Brook Reservation provides a natural oasis within the town, while the annual Cambridge Arts River Festival brings the people together and gives this city a small-town feel.
Westford's population increased from 21,951 to 24,817 over the past decade. This 30-square-mile municipality was settled in 1655 and incorporated as a town in 1729. Residents of this suburban town enjoy ponds with beaches, several parks, and hundreds of historical homes. Old-time charm in Westford meets modern attractions such as Kimball Farm, which offers mini-golf, batting cages, bumper cars and boats, and arcades. To maintain a sense of community and belonging, there's always an event or club meeting going on in Westford.
Popular Amenities and Attractions in Massachusetts
Massachusetts soldiers were the first to fight in the Revolutionary War, and the state offers many opportunities that help visitors delve into what transpired in the late 18th century as the U.S. battled for its freedom. The Minute Man National Historical Park is a comprehensive study guide for Massachusetts' involvement in the war. Costumed escorts lead tours through actual battleground and strategic sites to create a living experience of the Revolutionary Way's first battles. The park also has 11 historic homes that date back to as early as 1692 and preserve the history of its centuries of dwellers.
There are many ways to enjoy Massachusetts, including taking advantage of its location along the Atlantic Ocean. Cape Cod is a landmass that protrudes into the Atlantic and attracts millions of yearly visitors. There are 15 towns on Cape Cod, and each of them is uniquely appealing. Interesting shops, local events, and stunning ocean views abound in the area. After frolicking at the beach and walking the Long Pasture Wildlife Sanctuary trails, settle down for some fresh seafood and let the incoming Atlantic wave relax you.
People are drawn to Massachusetts' mix of neighborhoods and historical appeal. This state is also big on festivals and local pride, which brings people from all walks of life together as a community. So you're sure to feel welcome if you decide to make this state your new home!