Residents of Lynn, Massachusetts are a diverse population, generally blue collar workers and enjoy the active lifestyle Lynn has to offer. With the abundance of amenities in the Lynn area plus more affordable housing than many suburbs of Boston, Lynn is home to many hardworking families and individuals who want to live near the city of Boston but can't afford the high rents and mortgages associated with other areas.
What Are The Demographics Like in Lynn, Massachusetts?
The demographics of the population in Lynn is more diverse than other areas of the Boston suburbs. A little over 90,000 people live in Lynn, and 47% are White, 32% are Hispanic, 10% are Black, and 7% are Asian. The remaining population identifies as mixed ethnicity of two or more races. This is a diverse population, and the restaurants, shopping and cultural events reflect the diversity of the residents in Lynn. With a median household income that is 18% lower than the national average, this is a blue collar town with residents who work primarily in the manufacturing and service industries. Unemployment rates in Lynn are at the national average of 6.3%.
Is Lynn, Massachusetts affordable?
The median home price in Lynn, Massachusetts is $260,900, which makes Lynn one of the most affordable suburbs of Boston. The median rent asked from property owners is $938, a rent that is virtually unseen when you get closer to downtown Boston. People who want to own their own homes can afford to do so in Lynn, while still working in the heart of downtown Boston. While the affordability rating is a D for Lynn, this score compares the cost of living in Lynn vs. the cost of living in all areas of the United States. Compared to the rest of the Boston area, Lynn is one of the most affordable places in which to live.
What is the Quality of Life in Lynn?
Whether you want to go out to dinner and a movie, check out a museum, or head to the beach for the day, Lynn has something to offer everyone. Many residents enjoy spending the day at Nahant Beach Reservation, a typical New England beach that is a safe, clean area in which to play in the surf, relax, or read a good book. The variety of restaurants is excellent in Lynn, and it's possible to find a great meal at an affordable price. With the diverse population comes a diverse selection of restaurants to choose from. Shopping is abundant in Lynn, with plenty of outlets and small, locally owned shops to choose from.
Lynn is an town that has some areas that are safer to live than others. The crime rate has gone down 7% over the past year, but crime tends to be a concern for some residents. The crime rate in Lynn is 10% higher than the national average. Lynn still has plenty of areas within the town that are safe, residential areas in which to raise a family. The school system is decent, and graduation rates and school system expenditures are right around the national average.
If you are looking to buy a new home in Lynn, the market in Lynn is a stable one. The variety of homes on the market are as diverse as the people who live within this eclectic area. You will be able to find the home of your dreams if you take the time to search. With mortgage rates at an all time low, you will be able to afford more of a home than you were able to before. Qualified buyers are able to secure mortgages right around 4%, making home ownership cheaper than renting an apartment in most cases.
As you search for your new home, work with a Realtor in order to get the best deal possible. With the affordability of Lynn and the close proximity to downtown Boston, home values in Lynn have increased almost 9% over the past year. This is an increase that is higher than most areas in Massachusetts, and home values are only expected to increase over the next few years. It's a good time to invest in property, but you have to be prepared to make an offer as soon as you find a property that you love. Your home will retain value, and you will be making a solid investment for your future.
