Keeping Andover Affordable: A Growing Challenge

Andover is truly a remarkable place to call home. With its vibrant downtown, top-notch schools, convenient access to two train stations, and, most importantly, its warm and welcoming community, it’s no wonder so many people dream of living here.

But for many, that dream is slipping out of reach. Whether you're a new family looking to put down roots, an empty nester hoping to downsize, or someone eager to live close to work, buying a home in Andover has never been more challenging.

Here’s the reality in 2024:

• The average home in Andover sold for a staggering $1,106,000.

• The lowest-priced home sold for $450,000, still a hefty sum for many.

• With a 6.7% 30-year fixed mortgage rate, a household putting 20% down on that “average” million-dollar home would face monthly payments of over $5,700—and that’s just the mortgage.

• Factor in roughly $2,000 for utilities and a household would need to earn well over $200,000 annually to keep housing expenses below the recommended 30% of their income.

• Even if you managed to snag that lowest-priced home at $450,000, you’d still need an income of at least $77,000 to keep your housing costs manageable.

Here’s the kicker: the average household income in Andover in 2024 is $178,179—and while that’s above the national average, it still falls short of what’s needed to comfortably afford most homes here.

We must act to keep Andover accessible and affordable for families, workers, and longtime residents alike. Let’s ensure our community remains as inclusive and vibrant as it is today.