Owning a home in North Andover, Massachusetts, is a dream for many buyers who are drawn to its charming neighborhoods, excellent schools, and suburban feel with convenient access to Boston. But before purchasing, it’s important to understand the true cost of homeownership in North Andover—beyond just the listing price. From mortgages to taxes and everyday maintenance, here’s a breakdown of what you can expect.

1. Home Prices in North Andover

The median home price in North Andover typically ranges between $650,000 and $750,000, depending on location, property size, and condition. Single-family homes often trend toward the higher end, while condos and townhouses may offer more affordable entry points. Buyers should also factor in competition, as desirable homes in North Andover tend to move quickly in today’s market.

2. Mortgage Payments

If you’re financing your home, your monthly mortgage payment will be influenced by:

• Purchase price and down payment

• Loan type and term

• Current interest rates

For example, on a $700,000 home with 20% down and a 30-year fixed-rate mortgage, you could expect a monthly payment of around $3,000–$3,400 (principal and interest only).

3. Property Taxes

North Andover homeowners pay property taxes based on the town’s tax rate and the assessed value of the home. The average property tax rate is approximately $12–$13 per $1,000 of assessed value. That means if your home is assessed at $700,000, annual property taxes may be around $8,400–$9,100.

4. Home Insurance

Homeowners insurance in Massachusetts typically costs between $1,200 and $2,000 per year. Factors like the age of the home, square footage, and additional coverage (flood or earthquake insurance, if applicable) can raise this cost.

5. Utilities and Services

North Andover residents can expect to pay for standard utilities such as electricity, natural gas or oil heating, water, and sewer. On average:

• Electricity: $120–$150/month

• Heating (oil or gas): $200–$400/month in winter

• Water/sewer: $60–$100/month

• Internet/cable: $80–$150/month

6. Maintenance and Repairs

A good rule of thumb is to budget 1–2% of your home’s value annually for maintenance and repairs. For a $700,000 home, that means setting aside about $7,000–$14,000 per year to cover things like roof repairs, appliance replacements, landscaping, or emergency fixes.

7. Homeowner Association (HOA) Fees

If you purchase a condo or a home within a community association in North Andover, expect HOA fees ranging from $200 to $600 per month. These fees often cover landscaping, snow removal, exterior maintenance, and shared amenities.

8. Closing Costs

Don’t forget the upfront expenses when purchasing. Closing costs usually add up to 2–5% of the purchase price, covering items like attorney fees, title insurance, and lender charges. On a $700,000 home, that’s about $14,000–$35,000.

The Bottom Line

The cost of owning a home in North Andover goes beyond the sale price. Between mortgage payments, property taxes, insurance, utilities, and upkeep, many homeowners can expect to spend $4,500–$6,500 per month, depending on the size of the property and financing.

If you’re considering a move, it’s wise to work with a local North Andover real estate agent who can help you understand current market trends and find a home that fits both your lifestyle and budget.

Matt Witte strives to be the best realtor in North Andover, MA.

Any questions about real estate, reach out to Matt Witte, North Andover Realtor, MA