Quick facts: Palmer, MA

Quick Facts

119.6
Cost of Living
above US average
3,900
Population
44.87
Crime Rate per 1000
above US average
$65,000
Median Income
below US average
$249,900
Median House Price
above US average
$1991.67
Average Rent
above US average
10%
Poverty Rate
below US average
3.5%
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 $65,000.

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Income Needed to Buy

βœ— Stretch
$78k/year
Based on $249,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $78k vs median $65,000
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Income Needed to Rent

⚠ Stretch
$85k/year
Based on $1991.67/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $85k vs median $65,000
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Palmer, MA

Palmer is a charming town located in Hampden County, Massachusetts. Situated approximately 20 miles east of Springfield, Palmer offers a blend of rural charm and suburban convenience. With a rich history dating back to its incorporation in 1775, the town features several historic sites, including the old Palmer Town Hall and the picturesque downtown area, which is characterized by quaint shops and local eateries. Palmer is known for its scenic landscapes, with numerous parks and recreational areas such as the Quaboag River and surrounding forests, making it an appealing destination for outdoor enthusiasts. The town hosts various community events throughout the year, fostering a close-knit atmosphere. The local school system is dedicated to providing quality education, serving a diverse population of students. Palmer is well-connected by major highways, making it convenient for commuters traveling to nearby cities. With its idyllic setting, rich history, and community-oriented vibe, Palmer, MA, is a welcoming place to live and visit.

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