CALCMONEY // HOME AFFORDABILITY // MA // NORWOOD
How much house can you afford in Norwood? Based on local median home prices, current MA mortgage rates, and Norwood property tax data.
$680,000
$4,451/mo
$190,757/yr
$403,481
Monthly housing costs of $4,451 represent 41.7% of Norwood's median gross monthly income ($10,667/mo). At 41.7%, median-income buyers in Norwood are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $680,000 |
| Down Payment (20%) | $136,000 |
| Loan Amount | $544,000 |
| Monthly PI Payment | $3,601 |
| Monthly Property Tax | $567 |
| Monthly Insurance Est. | $283 |
| Total Monthly PITI | $4,451 |
| Housing Cost % of Income | 41.7% |
| Required Income (28% rule) | $190,757/yr |
| Max Affordable Home | $403,481 |
$23,800
$5,659/mo
Norwood Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $680,000 | Norwood city median |
| Down Payment (20%) | $136,000 | Conventional loan |
| Monthly PITI | $4,451 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $190,757 | Annual gross |
| Max Affordable Home | $403,481 | Based on median income |
| FHA Down (3.5%) | $23,800 | Minimum FHA |
| Housing Cost % of Income | 41.7% | Median income: $128,000/yr |
| Property Tax Rate | 1% | $6,800/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Norwood is $680,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $544,000, generating a monthly P&I payment of $3,601. Adding property taxes ($567/mo) and homeowners insurance ($283/mo) brings total monthly PITI to $4,451.
Norwood's property tax rate of 1% is near the national average, adding a standard increment to monthly housing costs. On the Norwood median home, that is $567/month, or $6,800 per year.
Massachusetts levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Norwood should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Norwood's median income of $128,000/year can afford up to $2,987/month in total housing costs. Based on Norwood's mortgage rate of 6.95% and property tax rate of 1%, that translates to a maximum affordable home price of approximately $403,481 with 20% down on a 30-year loan.
To afford the median Norwood home priced at $680,000, you need an annual gross income of approximately $190,757. Total monthly housing costs (principal and interest of $3,601, property taxes of $567, and insurance of $283) come to $4,451/month, which equals 28% of the required income.
At the median home price of $680,000 and median household income of $128,000, the total monthly housing cost of $4,451 represents 41.7% of gross monthly income. This is well above the standard 28% threshold, making Norwood a challenging market for buyers at median income.
A conventional 20% down payment on the median Norwood home of $680,000 is $136,000. An FHA loan requires just 3.5% down — $23,800 — but adds mortgage insurance of roughly $465/month, bringing total FHA payments to $5,659/month.
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