Median Market Rate Housing Prices: 1995 to 2005

Year	SINGLE FAMILY		TWO FAMILY		CONDOMINIUM		HUD Est. Median Income for Family of 4^3,4
Year	Median Price¹	Income Required²	Median Price¹	Income Required²	Median Price¹	Income Required²	HUD Est. Median Income for Family of 4^3,4
1995	$275,250	$78,620	$263,000	$41,560	$159,000	$51,190	$53,100
1996	$321,000	$91,380	$279,000	$44,880	$169,000	$53,800	$56,500
1997	$347,500	$99,400	$301,000	$50,480	$217,000	$67,380	$59,600
1998	$359,500	$99,980	$391,500	$61,370	$209,000	$63,500	$60,000
1999	$425,000	$116,230	$412,000	$65,170	$252,000	$73,940	$62,700
2000	$525,000	$142,800	$457,500	$71,010	$302,500	$86,920	$65,500
2001	$540,000	$146,470	$575,000	$101,160	$335,000	$96,240	$70,000
2002	$610,000	$172,440	$656,000	$108,320	$348,500	$100,710	$74,200
2003	$660,000	$176,060	$611,250	$112,050	$359,000	$100,960	$80,800
2004	$647,000	$172,920	$652,250	$124,120	$375,000	$105,290	$82,600
2005	$725,000	$192,790	$709,000	$132,410	$419,500	$116,270	$82,600

1. These numbers are not constructed using the same methods as Banker & Tradesman and cannot be used to make valid comparisons with figures reported by that publication.
2. Income required assumes 10% downpayment, 6.75% interest rate, 30 year financing, no Private Mortgage Insurance, real estate taxes at then current residential rate. Insurance and condo fees vary, increasing over period. Two family "Income Required" assumes availability of 75% of monthly rent payment, which varies between $950 to $1,900 over the period analyzed.
3. HUD estimated figures for Boston MA-NH PMSA. The geographic definition of statistical areas changes over time. The standard of comparison used here is Metropolitan Statistical area or major subdivision thereof that includes Cambridge.
4. HUD's methodology changes from time to time, affecting the comparability of figures from different periods. Note that these figures are estimates; they are not taken directly from a survey of households. These figures can be found at http://www.huduser.org/datasets/il.html

Chart showing income required to purchase median priced homes in Cambridge from 1995 to 2005

Click here for an explanation of How sales and median price figures were derived.

For More Information

For more information about socioeconomic and demographic statistics about Cambridge, please contact Cliff Cook, ccook@cambridgema.gov, Planning Information Manager, at 617/349-4656. The Community Development Department TTY line is 617/349-4621.

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