Quick facts: Lynn, MA

Quick Facts

115.8
Cost of Living
above US average
100,891
Population
18.49
Crime Rate per 1000
below US average
$70,046
Median Income
below US average
$419,000
Median House Price
above US average
$2277.02
Average Rent
above US average
12%
Poverty Rate
above US average
4.6%
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 $70,046.

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Income Needed to Buy

βœ— Stretch
$131k/year
Based on $419,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $131k vs median $70,046
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Income Needed to Rent

⚠ Stretch
$98k/year
Based on $2277.02/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $98k vs median $70,046
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Lynn, MA

Lynn, Massachusetts, is a vibrant city located on the North Shore of the Greater Boston area. Known for its rich history, Lynn was once a major shoe manufacturing hub in the 19th century, earning the nickname "Shoe City." Today, it boasts a diverse community and a mix of urban and suburban living. Lynn's waterfront features beautiful beaches, like Lynn Beach and King's Beach, attracting both locals and visitors during the summer months. The Lynn Museum and Historical Society offers insights into the city's past, while the Lynn Auditorium hosts various cultural events, concerts, and performances. The city is home to several parks, including Lynn Woods, one of the largest municipal parks in the country, offering hiking trails, scenic vistas, and recreational activities. Lynn also has a growing arts scene, with galleries and studios contributing to its cultural landscape. With convenient access to public transportation, including the Massachusetts Bay Transportation Authority (MBTA) commuter rail and bus services, Lynn is well-connected to Boston and surrounding areas, making it an attractive location for residents and businesses alike.

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