Quick facts: Medford, MA

Quick Facts

119.6
Cost of Living
above US average
65,399
Population
10.96
Crime Rate per 1000
below US average
$114,863
Median Income
above US average
$879,000
Median House Price
above US average
$3533.13
Average Rent
above US average
7%
Poverty Rate
below US average
3.6%
Unemployment Rate
below 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 $114,863.

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Income Needed to Buy

βœ— Stretch
$276k/year
Based on $879,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $276k vs median $114,863
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Income Needed to Rent

⚠ Stretch
$151k/year
Based on $3533.13/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $151k vs median $114,863
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Medford, MA

Medford, Massachusetts, is a vibrant city located just north of Boston. Known for its rich history, Medford was established in 1630 and played a significant role in the Revolutionary War. Today, it boasts a diverse community and a mix of suburban charm with urban convenience. The city is home to several parks, including the scenic Wright's Pond and the expansive Mystic River Reservation, offering residents outdoor activities such as hiking, picnicking, and fishing. Medford also features a variety of cultural attractions, with a number of historical sites, art galleries, and events throughout the year. Education is a strong focus in Medford, highlighted by the presence of Tufts University, which contributes to the area's vibrant intellectual and social scene. The city's location provides easy access to Boston via public transportation, making it an ideal place for commuters. With a range of dining options, shopping centers, and community events, Medford offers a rich lifestyle that appeals to families and young professionals alike. Its blend of history, community, and modern amenities makes Medford a unique and attractive destination in the Greater Boston area.

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