Quick facts: Methuen, MA

Quick Facts

119.6
Cost of Living
above US average
53,241
Population
2.65
Crime Rate per 1000
below US average
$93,681
Median Income
above US average
$599,900
Median House Price
above US average
$2618.38
Average Rent
above US average
8%
Poverty Rate
below 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 $93,681.

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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 $93,681
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Income Needed to Rent

⚠ Stretch
$112k/year
Based on $2618.38/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $112k vs median $93,681
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Methuen, MA

Methuen is a city located in Essex County, Massachusetts, with a rich history and vibrant community. Established in the early 17th century, it has grown from its agricultural roots into a bustling suburban area. Methuen is well-known for its beautiful parks, such as the scenic Forest Lake and the expansive Methuen Memorial Music Hall, which serves as a hub for cultural and musical events. The city boasts a diverse population and is conveniently situated near the Merrimack River, providing picturesque views and outdoor recreational opportunities. Methuen’s location offers easy access to major highways, making it a convenient place for commuters traveling to nearby cities like Lawrence and Lowell, or even the greater Boston area. The local economy is supported by a mix of retail, healthcare, and education sectors, with numerous shopping centers and schools available. The community is also known for its commitment to preserving historical landmarks and promoting local arts. With its blend of suburban charm and access to urban amenities, Methuen is a great place for families and individuals seeking a balanced lifestyle.

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