Connect with us

Massachusetts

Here Are The 30 Most Expensive ZIP Codes In Massachusetts, Per Zillow Data

Published

on

Here Are The 30 Most Expensive ZIP Codes In Massachusetts, Per Zillow Data


Massachusetts stands among the top five states in the United States in terms of income, boasting a household income of $99,858 and a mean household income of $138,516, according to the Census Bureau. Affluence is a hallmark of many places in Massachusetts, both of regular suburbs and resort areas.

For this article, we wanted to breakdown the most expensive ZIP codes in Massachusetts. Vacation spots in Nantucket, Martha’s Vineyard, Cape Code, and the Berkshires not surprisingly are home to many of the most expensive ZIP codes. But so does the Boston metro area. Read on to find out the most expensive ZIP codes in Massachusetts in 2024, based on the latest data from Zillow’s home value index.

Advertisement

The Most Expensive ZIP Codes in Massachusetts

Harnessing data from Zillow’s home value index, as well as the Census Bureau’s 2023 American Community Survey, we analyzed thousands of ZIP codes across the U.S. as part of a general survey. From there, we focused our attention on Massachusetts. The Zillow home value index tracks (as of September 2024) the home values of 484 ZIP codes in Massachusetts. As part of our analysis, we took into consideration the latest monthly home values Zillow has — September 2024 — as well as the average of 12 months of median home values from October 2023 to September 2024. While home values have grown immensely across America since the pandemic-induced buying frenzy, home value appreciation in Massachusetts stands out. One of the most expensive ZIP codes in Massachusetts witnessed home values surge by 84.8% over the last five years.

Some very clear patterns emerge from this analysis. The majority of the most expensive ZIP codes in Massachusetts are contained within just a couple of metropolitan areas. Below are the 25 most expensive ZIP codes in Massachusetts.

The Top 5 Most Expensive ZIP Codes in Massachusetts

ZIP code 02554 is the most expensive one in Massachusetts. This ZIP code covers the affluent island of Nantucket. This shouldn’t come as too much of a surprise considering Nantucket and Martha’s Vineyard are well-known for attracting wealthy residents. The 12-month average home value is just over $2.7 million, while the median home value was over $2.77 million in September 2024. That is up an incredible 57.5% from five years before, when the median home value was roughly $1.76 million in September 2019.

Moving over to Nantucket’s neighbor, ZIP code 02535 covers the southwestern portion of Martha’s Vineyard. Incomes are high in ZIP code 02535, with the median household income being $135,750 and the average household income $223,352. Just over 29% of households in ZIP code 02535 earn $200,000 or more a year. Back in September 2019, the median home value was nearly $1.478 million, before rising by 58.8% over five years, reaching $2.346 million in September 2024. Notably, though, the median home value fell slightly, by 2%, from the previous September, when it was just under $2.395 million.

Advertisement

The No. 3 most expensive ZIP code in Massachusetts is 02493, which is centered on Weston, a suburb west of Boston. Household incomes in ZIP code 02493 are much higher than those on Nantucket and Martha’s Vineyard, believe it or not. The median household income in ZIP code 02493 is over $250,000 a year, while the mean household income is $365,202. The majority of households in 02493 earn $200,000 or more. Home value appreciation here has been robust. The median home value rose by 59.1%, from around $1.374 million in September 2019 to $2.186 million in September 2024.

South of the No. 3 most expensive ZIP code is the No. 4, ZIP code 02481. This ZIP code is centered on Wellesley, though actually wraps around the town, including places like Wellesley Farms, Wellesley Lower Falls, and Wellesley College itself. There are some serious high-earners in this ZIP code. The median household income is over $250,000, with the average household income topping $414,000 per year. Here’s another ZIP code where home values increased substantially. From a median of nearly $1.357 million in September 2019, the median home value increased by 53.1%, to reach $2.077 million. Indeed, it’s up 6.3% year-over-year.

The fifth most expensive ZIP code in Massachusetts is based on the village of Waban, which is part of the larger city of Newton: 02468. This is another western suburb of Boston. Like the other expensive suburban ZIP codes of Boston, incomes are very high in 02468. Incredibly, 71.3% of households in 02468 earn $200,000 or more. The median household income here is more than $250,000 per year; the mean household income is $382,509. Home values here rose by 45.3% in five years, not as large a growth rate as the other ZIP codes among our top five, yet still substantial. In September 2024, the median home value breached $2 million.



Source link

Advertisement
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Massachusetts

UMass Lowell seeks solutions to housing crisis through Massachusetts TechHubs Program

Published

on

UMass Lowell seeks solutions to housing crisis through Massachusetts TechHubs Program


LOWELL — UMass Lowell, in partnership with local government, developers and community organizations, is looking to tackle one of Massachusetts’ biggest challenges: housing availability.

The Healey-Driscoll administration and the Innovation Institute at the Massachusetts Technology Collaborative announced Nov. 6 that Greater Lowell has been designated a Housing Innovation TechHub through the Massachusetts TechHubs Program, an initiative intended to strengthen regional innovation ecosystems across the state. The designation is part of the program’s first cohort of 14 TechHubs recognized statewide.

“These TechHubs reflect the best of what happens when local leaders, institutions and businesses work together to build on their region’s unique strengths,” said Lt. Gov. Kim Driscoll. “Our administration believes that innovation doesn’t just happen in one ZIP code, it happens in every community when we provide the tools and investment to help it thrive.”

Led by UMass Lowell and funded by a $100,000 Strategy Development Grant, the Housing Innovation TechHub aims to address the commonwealth’s housing crisis through innovation in design and sustainability, zoning and policy, and manufacturing and construction. The TechHub will serve as a living laboratory for testing and scaling new approaches to affordable and sustainable housing.

Advertisement

“The TechHubs program represents a long-term commitment to building the next generation of innovation ecosystems in Massachusetts,” said Innovation Institute Director Pat Larkin.

“By leveraging the experiences of the different regional initiatives, we’re laying the foundation for sustained regional transformation and economic competitiveness,” Larkin added.

According to the Healey-Driscoll administration’s “A Home for Everyone: A Comprehensive Housing Plan for Massachusetts,” Massachusetts needs to increase its year-round housing supply by at least 222,000 homes over the next decade to meet demand and lower costs, the report found. The MassInc Policy Center has found the housing need is pronounced in Gateway Cities such as Lowell, which will need 83,000 new units over the next decade.

To address this challenge, the team behind the Housing Innovation TechHub, including officials from UMass Lowell, the city of Lowell, the Cambridge Innovation Center, Massachusetts Competitive Partnership and Bequall, will develop a strategic plan that delivers scalable housing solutions through the integration of cutting-edge technology, transformative policy frameworks and community-driven approaches.

“The Strategy Development Grant allows us to convene the right partners and create an actionable roadmap for housing innovation,” said Kim Holloway, associate vice chancellor for research and innovation acceleration at UMass Lowell. “Our goal is to turn research and ideas into real projects that can transform how housing is built and financed across Massachusetts.”

Advertisement

Centered in Greater Lowell, the TechHub will test and refine new approaches that can be replicated statewide, positioning the area as a proving ground for housing innovation across Massachusetts.

“Lowell has always been a city that leads through innovation,” said Lowell City Manager Tom Golden. “This effort builds on that legacy and makes Lowell the launchpad for the future of housing across the state, creating solutions that are affordable, sustainable and scalable for communities everywhere.”

The Housing Innovation TechHub builds on the momentum of the Lowell Innovation Network Corridor, a partnership between the university, industry and government focused on a 1.2-million-square-foot mixed-use development that will include offices, research labs, housing, retail businesses and entertainment destinations. Together, the TechHub and LINC will make the Greater Lowell region a national model for housing innovation and economic opportunity.

“The Housing Innovation TechHub represents exactly the kind of forward-looking collaboration that defines UMass Lowell,” said Chancellor Julie Chen. “Along with transformational projects like LINC, the TechHub reflects how we’re bringing research and partnerships to life to strengthen communities and expand opportunities across the region.”

Advertisement



Source link

Continue Reading

Massachusetts

Mass. weather: Slippery Monday morning commute to follow freezing rain Sunday night

Published

on

Mass. weather: Slippery Monday morning commute to follow freezing rain Sunday night


Massachusetts residents returning to work on Monday should watch out for slick roads following a bout of freezing rain Sunday night, according to the National Weather Service.

A winter weather advisory is set to go into effect in all of Massachusetts aside from the South Coast, South Shore, Cape and Islands from 7 p.m. Sunday night to 6 a.m. Monday morning.

Freezing rain, then rain is expected during this time, and as much as two-tenths of an inch of ice could accumulate in communities north of I-90, according to the weather service. Drivers should prepare for slippery roads, but sidewalks, driveways and outdoor stairs and steps could also be dangerous.

Freezing rain is expected Sunday night in Massachusetts, according to the National Weather Service.National Weather Service

Freezing rain is predicted to begin around 7 p.m. in Western Massachusetts and spread eastward, reaching the opposite end of the state by 10 p.m., according to the weather service. Overnight lows in the high 20s and low 30s are expected.

Advertisement

The freezing rain is predicted to switch over to a mix of rain and freezing rain and then to just rain between midnight and 6 a.m., according to the weather service. Communities in the southern parts of Massachusetts are expected to experience the shift earlier in the night, and the South Coast, South Shore, Cape and Islands are predicted to see only rain.

Monday is expected to be rainy and windy with some patchy fog, according to the weather service. Daily high temperatures are predicted to reach the high 40s and low 50s.

The rain is expected to cease between 3 p.m. and 5 p.m. on Monday in most Massachusetts communities, according to the weather service. The latter half of Monday is predicted to be windy, with gusts up to 40 mph.

Overnight lows in the low to mid 20s are expected Monday night, according to the weather service. Partly sunny skies and strong winds with gusts up to 40 mph are predicted for Tuesday.

Daily high temperatures are expected to reach the mid to high 20s in most of Massachusetts, according to the weather service. Overnight lows in the high teens and low 20s are predicted for Tuesday night.

Advertisement



Source link

Continue Reading

Massachusetts

Getting to yes on housing in Massachusetts – The Boston Globe

Published

on

Getting to yes on housing in Massachusetts – The Boston Globe


Over the next decade, state housing officials estimate that Massachusetts will need another 222,000 homes. These homes are necessary to attract young professionals, to prevent families with young children from leaving, to empty the homeless shelters, and to let seniors age in their communities.

More housing is also needed to mitigate climbing prices that are hurting not only lower-income residents, but even those who are solidly middle class. The median price of a single-family home in Massachusetts this year, as of November, was an astonishing $640,000, according to The Warren Group.

Zillow ranked Greater Boston as the fifth most expensive rental market in the country, with average rent hovering just under $3,000 a month, according to the Boston Foundation’s 2025 Housing Report Card.

But if Massachusetts is to build the housing our residents need, it will take a conscious effort to simplify the building process.

Advertisement

In editorials this year, the Globe has focused on specific deregulatory steps that would help cut red tape and make it easier for the state to build its way out of the housing shortage.

One aspect of this is being open to changing rules that may have made perfect sense at one point, but haven’t kept up with changing circumstances. For example, advances in fire safety technology made some of the rules regarding stairwell requirements and building height obsolete. Changing these rules to account for modern technology could make it financially feasible to build bigger buildings.

There are also well-intended rules that have had unintended consequences — like disability accessibility codes that apply more stringently in communities with lower property values than in wealthier towns.

Advertisement

But the biggest thing that needs to change is harder to write into law. Communities need to move from a default “no” on housing to a default “yes.”

That problem is especially hard to tackle because, officially, it doesn’t exist. There is no specific regulation saying that certain Massachusetts towns don’t want housing. But actions speak louder, and more honestly, than words.

The presumption that new housing is bad — and the burden is on developers to prove it isn’t — is implicit in many of regulations adopted across the region and in the way developers are frequently treated like unwelcome interlopers. Communities too often use approval processes to impose unreasonable requirements or arduous review processes on builders who want to create the multifamily housing the state needs.

One solution is for the state to set clear ground rules for what authority cities and towns have — and don’t have — when it comes to housing approval.

For example, the state has its own environmental standards for septic systems, but they are a minimum, not a maximum. If policy makers were to forbid towns from imposing stricter standards without proving they are environmentally necessary, it would prevent municipal officials from using overly strict rules to block denser housing. Similarly, the Legislature could impose guardrails on what municipal planning officials can consider as part of the site plan review process and how long reviews can take.

Advertisement

When a planning or zoning board rejects or reduces the size of an apartment project, or imposes unreasonable and costly conditions, that directly undermines the public good. They should be expected to explain why their actions were truly necessary.

After all, no housing decision occurs in a vacuum. Even allowing high-end development serves the public: If people who can afford million-dollar condos have plenty to choose from, they won’t outbid less-wealthy families for more modest housing.

Many individual regulations came from a noble instinct. Shoddy construction is dangerous; communities should make sure it’s safe. Fire safety is important. New buildings can disturb animal habitats and degrade the environment. Ensuring that people with disabilities can access housing units and public spaces is vital. There is value in soliciting public input.

But these regulations have proven too easy to co-opt as tools to stop development, rather than improve it. Often, communities have a fear of change.

Regulations that pose obstacles to housing must be expected to pass a stringent test to prove that they are actually necessary and not just convenient pretexts for NIMBYism. Policy makers must fully consider the trade-offs, because while each new housing regulation may seem minor, they add up.

Advertisement

Massachusetts is a great place to live. We should be seeking ways to let more people live here, not closing the gate behind us.


Editorials represent the views of the Boston Globe Editorial Board. Follow us @GlobeOpinion.





Source link

Continue Reading
Advertisement

Trending