by Frank Schroth
Nerdwallet, a San Francisco based firm that provides online financial advice, recently published a ranking of Massachusetts towns based on home ownership. They evaluated three key criteria:
from Nerdwallet
- Are homes available? We looked at the metro area’s homeownership rate to determine the availability of homes. A low homeownership rate is likely a signal of competitive inventory, more options for renters rather than buyers and expensive housing. Areas with a high homeownership rate led to a higher overall score.
- Can you afford to live there? We looked at median household income, monthly homeowner costs and median home value to assess affordability and determine whether residents could live comfortably in the area. We used monthly homeowner costs to measure cost of living. Areas with high median incomes and low cost of living scored higher. Thinking of buying a home yourself? Check out our mortgage tool to find the best rate.
- Is the area growing? We measured population growth to ensure that the area is attracting new residents and showing signs of solid growth. This is likely a signal of a robust local economy, which is another attractive characteristic for homebuyers.
The top town in the Commonwealth is Wilmington. Milton ranked 17th. You can find the article and complete rankings here.