Quick facts: Lowell, MA

Quick Facts

119.6
Cost of Living
above US average
113,608
Population
21.42
Crime Rate per 1000
below US average
$73,008
Median Income
below US average
$599,900
Median House Price
above US average
$2173.37
Average Rent
above US average
12%
Poverty Rate
above US average
5.1%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $73,008.

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Income Needed to Buy

βœ— Stretch
$188k/year
Based on $599,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $188k vs median $73,008
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Income Needed to Rent

⚠ Stretch
$93k/year
Based on $2173.37/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $93k vs median $73,008
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Lowell, MA

Lowell, Massachusetts, is a historic city located in Middlesex County, approximately 30 miles northwest of Boston. Established in the early 19th century as a leading center of the American textile industry, Lowell played a pivotal role in the Industrial Revolution, drawing in numerous immigrants seeking work in its mills. Today, the city's rich industrial heritage is preserved and celebrated through various sites, including the Lowell National Historical Park, which features restored textile mills, canals, and exhibits highlighting the city's history. Lowell is known for its diverse cultural landscape, with a vibrant population representing various ethnic backgrounds. This diversity is reflected in the city's festivals, cuisines, and community events, such as the Lowell Folk Festival and the Lowell Summer Music Series. As an educational hub, Lowell is home to the University of Massachusetts Lowell, offering a range of programs and contributing to the city's youthful energy. Additionally, residents and visitors enjoy a variety of parks, the Merrimack River, and active arts scenes, including galleries and theaters, making Lowell a dynamic place to live and explore.

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