Quick facts: North andover, MA

Quick Facts

119.6
Cost of Living
above US average
31,296
Population
6.39
Crime Rate per 1000
below US average
$114,000
Median Income
above US average
$600,000
Median House Price
above US average
$2535.5
Average Rent
above US average
5%
Poverty Rate
below US average
3.8%
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 $114,000.

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Income Needed to Buy

βœ— Stretch
$188k/year
Based on $600,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $188k vs median $114,000
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Income Needed to Rent

βœ“ Affordable
$109k/year
Based on $2535.5/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($114,000) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for North andover, MA

North Andover is a charming town located in Essex County, Massachusetts. As part of the Greater Boston area, it is situated about 30 miles north of downtown Boston, making it an attractive residential community for those commuting to the city. North Andover boasts a rich history dating back to 1646, with well-preserved architecture and historic sites that reflect its colonial past. The town is known for its excellent public schools, making it a popular choice for families. North Andover's community is vibrant, with various local events, farmers' markets, and a strong sense of civic pride. Outdoor enthusiasts will appreciate the extensive parks and recreational areas, including the scenic Harold Parker State Forest, which offers walking trails, fishing, and camping opportunities. North Andover's diverse economy includes a mix of retail, services, and light manufacturing, providing residents with local employment options. The town is also conveniently located near major highways, facilitating easy access to nearby cities and attractions. Overall, North Andover is a picturesque suburban community with a welcoming atmosphere and a high quality of life.

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