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Mass. community named a housing ‘boomtown’
But it can come with a hefty price tag. What are the other hotspots for development in New England?
A MetroWest community is the biggest “boomtown” in Massachusetts, but living here can come with a hefty price tag.
Hello, Wellesley — population 30,733 (2023).
GoBankingRates named the tony town a boomtown in a ranking the financial website released Jan. 9. How does the site define a boomtown? They are “towns and communities that undergo sudden growth. This growth typically refers to a population increase and/or economic prosperity.”
How did Wellesley achieve the boomtown designation?
Housing
Back in October, the town voted down two proposed zoning map changes that “The Swellesley Report” said would have resulted in more than 100 new multifamily units in Lower Falls.
When it comes to the MBTA Communities Act, the state’s push to build housing near transit, the town has reached “interim compliance” with the regulations. What does that signify? “Interim compliance” means an MBTA community is taking active steps to enact a multifamily zoning district that complies with Section 3A, and the community’s deadline has not yet passed. The town has until the Dec. 31 deadline to comply.
Prosperity
How much does it cost to live in Wellesley? The website pegs the monthly cost of living at $13,472, the monthly mortgage at $11,213, and the median household income at $250,000.
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How did the site arrive at these numbers? It analyzed data from the US Census American Community Survey for 2014, 2017, 2021, and 2022; “sourced Sperling’s BestPlaces for each boomtown’s cost of living index; and calculated the average monthly and annual cost of living using each boomtown’s average mortgage and expenditure costs.”
🏡 According to Zillow, the median home value in Wellesley is $1.9 million, which reflects a 7 percent year-over-year increase. The median home value five years ago, in February 2020, was $1,266,284, so it has increased 33.4 percent comparatively in that time. As of Wednesday, there were eight properties on the market for under $1,200,000 in Wellesley. In 2024, 43 listings sold for under that price point. In 2020, there were 134.
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💲 Using Wallethub’s mortgage calculator and the mortgage rate as of Jan. 20 (6.96 percent), that means a monthly mortgage payment of $12,595. (This is for a 30-year fixed loan with no money down, which would lower the cost.)
What are the other New England boomtowns?
Connecticut: Bridgeport
The southern Connecticut city has a monthly cost of living of $4,555, a monthly mortgage cost of $2,061, and a median household income of $54,440, according to the website.
🏡 According to Zillow, the median home value in this industrial city is $332,984, which reflects a 6.9 percent year-over-year increase. Homes get an accepted offer in about 15 days. The median home value five years ago, in February 2020, was $192,897, so it has increased 72.6 percent comparatively.
💲 Using Wallethub’s mortgage calculator and the mortgage rate as of Jan. 20 (6.96 percent), that means a monthly mortgage payment of $2,206. (This is for a 30-year fixed loan with no money down, which would lower the cost.)
Maine: Portland
The coastal city has a monthly cost of living of $5,110, a monthly mortgage cost of $3,211, and a median household income of $71,498, according to the website.
🏡 According to Zillow, the median home value in this city is $544,385, which reflects a 3.5 percent year-over-year increase. Homes get an accepted offer in about 27 days. The median home value five years ago, in February 2020, was $332,542, so it has increased 63.7 percent comparatively.
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💲 Using Wallethub’s mortgage calculator and the mortgage rate as of Jan. 20 (6.96 percent), that means a monthly mortgage payment of $3,607. (This is for a 30-year fixed loan with no money down, which would lower the cost.)
New Hampshire: Dover
The Seacoast city has a monthly cost of living of $5,021, a monthly mortgage cost of $3,092, and a median household income of $90,844, according to the website.
🏡 According to Zillow, the median home value in this city is $501,905, which reflects a 7.4 percent year-over-year increase. The median home value five years ago, in February 2020, was $306,408, so it has increased 63.8 percent comparatively.
💲 Using Wallethub’s mortgage calculator and the mortgage rate as of Jan. 20 (6.96 percent), that means a monthly mortgage payment of $3,326. (This is for a 30-year fixed loan with no money down, which would lower the cost.)
Rhode Island: Providence
The capital city has a monthly cost of living of $4,377, a monthly mortgage cost of $2,275, and a median household income of $61,365, according to the website.
🏡 According to Zillow, the median home value in this city is $400,873, which reflects a 7.8 percent year-over-year increase. Properties get an accepted offer in about 22 days. The median home value five years ago, in February 2020, was $249,562, so it has increased 60 percent comparatively.
💲 Using Wallethub’s mortgage calculator and the mortgage rate as of Jan. 20 (6.96 percent), that means a monthly mortgage payment of $2,656. (This is for a 30-year fixed loan with no money down, which would lower the cost.)
Vermont: Burlington
The Lake Champlain city has a monthly cost of living of $5,307, a monthly mortgage cost of $3,142, and a median household income of $64,931, according to the website.
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🏡 According to Zillow, the median home value in this city is $505,412, which reflects a 1.7 percent year-over-year increase. The median home value five years ago, in February 2020, was $340,011, so it has increased 48.7 percent comparatively.
💲 Using Wallethub’s mortgage calculator and the mortgage rate as of Jan. 20 (6.96 percent), that means a monthly mortgage payment of $3,349. (This is for a 30-year fixed loan with no money down, which would lower the cost.)
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