Real Estate
Reading Named One of Top Places to Own a Home
The website NerdWallet named several eastern Massachusetts communities as best places to purchase a home.
By Les Masterson
The financial website NerdWallet listed Reading as one of the best places for homeownership in Massachusetts.
According to NerdWallet data, Reading has a homeownership rate of 82.2 percent and monthly homeownership costs taking up just 30.9 percent of median monthly household incomes, making the town "very homebuyer-friendly." Also, because it is 12 miles from the center of Boston, the proximity to cultural, recreational and educational opportunities also helped its rank.
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Reading finished in 3rd place. Wilmington topped the list. Nearby Danvers, Wakefield and Saugus all made the top 20.
NerdWallet reported that homeownership rates continue to rise and home sales climbed 5% in 2013 compared to the previous year. The site said “conditions are ripe for homeownership statewide,” but almost all of the 20 of the site’s picks are in eastern Massachusetts.
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The site analyzed the numbers for 77 Massachusetts communities with more than 15,000 residents to look for the best places to own a home.
NerdWallet asked three questions:
- Are homes available?
- Can you afford to live there?
- Is the area growing?
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