Lawrence, MA home values, income, and owner costs

The published evidence provides the starting point: In Lawrence, MA, the 2024 ACS reports a median owner-occupied home value of $415,200, median household income of $60,433, and median selected monthly owner costs of $2,207 for owners with a mortgage. In practical terms, together, those three reference points can help a borrower identify which search-price, income, and recurring-cost assumptions need current verification first. They remain separate medians, not the finances of one representative household, and the $2,207 measure combines recurring ownership expenses in place of real estate taxes alone. For the decision at hand, a useful affordability review starts with $415,200, $60,433, and $2,207, then replaces them with the borrower's documented income, cash, debts, property taxes, insurance, association charges, loan terms, and intended occupancy.

Lawrence, MA's $415,200 median home-value estimate is below the statewide $562,100 estimate, with a reported city-to-state gap of 26.1%. In practical terms, that 26.1% gap is useful for showing that a statewide midpoint may be a poor substitute for a local search range in Lawrence, MA. It does not mean every local property is 26.1% away from a comparable property elsewhere in the state, because the medians reflect different housing mixes and geographies. For the decision at hand, borrowers may use $415,200 and $562,100 to decide which assumptions need local replacement first, then compare actual properties and current financing disclosures on the same basis.