# Is Waltham Affordable for First-Time Buyers? Condo vs. House at an $849,900 Median
Key Takeaways
•The short answer: For most first-time buyers, a condo is the only realistic way into Waltham. Even then, a household earning Movoto's $95K average household income will likely need a bigger down payment or a second income.
•The aid reality: MassHousing's $25,000 0% down-payment help covered mortgages locked April 27 to July 31, 2026. October buyers should not count on it unless a renewal is confirmed.
•The real lever: Choosing a condo or a house is your biggest money decision. Condos cost less, and condo buyers have more room to negotiate.
•The bottom line: Get pre-approved at today's rates, check condo finances closely, and target price-reduced condo listings this fall.
Is Waltham Affordable for First-Time Buyers This Fall?
Waltham's September median was $849,900, per Movoto's city page (updated October 6, 2026), compared with $859,900 a year earlier. Prices are flat, not falling.
Whether that works for you depends on three things:
•Your down payment
•Your income
•Whether you shop for a condo or a house
Movoto calls Waltham a seller's market. September had 113 sales, compared with 74 a year earlier, and homes sell in 21 days on average, versus 22 last year. Still, buyers have some bargaining power. Most of it is in condos:
•52 of 137 active listings have cut their price, per Movoto.
•Condos have far more supply than houses (see below).
What this means for you: don't wait for the whole market to get easy. Shop where your numbers have the best chance, which for most first-time buyers means condos.
Did the First-Time Buyer Aid Window Close?
Yes, for now. MassHousing's strongest recent offer gave up to $25,000 at 0% interest, but only for loans locked between April 27 and July 31, 2026. No extension has been confirmed.
Leave it out of your budget. Your plan should start with this question: which type of home gives me a realistic monthly payment?
How Big Is the Condo vs. House Gap in Waltham?
Repliers/MLSPIN figures show single-family homes sold for a median of $900,000 in July, compared with $730,000 for condos.
Median Sold Price by Property Type — Waltham, July 2026
Single-metric comparison of median sold prices by property segment using primary MLS data.
| Series | Label | Value |
|---|---|---|
| Median sold price | Single-family | $900,000 |
| Median sold price | Condo | $730,000 |
| Median sold price | Mixed | $790,000 |
Source:Repliers / MLSPIN
Steinmetz Real Estate's 12-month report, using MLS PIN data through June 10, 2026, shows $894,500 for houses and $625,750 for condos. For budgeting, use these 12-month medians, which smooth out one-month swings, but leave some cushion, because summer condo sales ran closer to $730,000.
Waltham Condo vs Single-Family Affordability
Compares Waltham condo and single-family 12-month median prices, 5% down payments, FY2026 property taxes, estimated monthly loan-plus-tax payments, and 28% income requirements for October 2026 first-time buyer budgeting.
| Category | Waltham Condos | Waltham Single-Family Homes |
|---|---|---|
| Median price (Steinmetz) | $625,750 | $894,500 |
| 5% down payment | $31,288 | $44,725 |
| Yearly property tax at $10.32 per $1,000 | $6,458 | $9,231 |
| Loan payment plus tax, per month | $4,295 | $6,140 |
| Income needed (28% rule) | $184K | $263K |
At these prices, a condo runs about $4,295 a month in loan payment plus tax, versus $6,140 for a house, before insurance, PMI, or HOA fees. A 5% down payment works out to $31,288 for the condo and $44,725 for the house.
A common guideline says housing costs should stay under 28% of your gross income (your income before taxes). Lenders may approve more, but going over strains your budget. On Movoto's $95K average household income, 28% works out to about $2,217 a month, roughly half the condo payment. Most buyers will need a second income, a larger down payment, or a lower-priced unit.
PMI (private mortgage insurance) is a fee lenders often charge when your down payment is under 20%. HOA (homeowners association) fees are the monthly charge for shared building costs.
What Are the Pros and Cons of Waltham Condos?
Pros:
•Lowest entry price. Steinmetz says first-time buyers usually come in at $550K–$675K.
•You don't personally handle the roof, siding, or yard.
•Many downtown and mill-conversion buildings (old factories turned into condos) sit near restaurants and the train.
•More negotiating room.
Repliers/MLSPIN shows 9.2 months of supply for condos in July, versus 4.0 months for houses. Months of supply is how long it would take to sell every listed home at today's pace. More months usually means more buyer leverage on price, repairs, or closing credits.
Months of Supply by Property Type — Waltham, July 2026
Inventory comparison across Waltham property segments using months of supply from primary MLS data.
| Series | Label | Value |
|---|---|---|
| Months of supply | Single-family | 4.0 months |
| Months of supply | Condo | 9.2 months |
| Months of supply | Mixed | 6.7 months |
Source:Repliers / MLSPIN
Part of that supply reflects weaker demand for certain units. Steinmetz notes older garden-style buildings lag behind those with parking and in-unit laundry, so your leverage is strongest there. In-demand buildings can still move fast.
Cons:
•HOA fees vary by building and can raise your monthly cost a lot.
•Building finances and reserve funds (savings for major repairs) "must be vetted carefully," Steinmetz warns.
•An underfunded building can hit owners with special one-time charges.
What this means for you: buy the building as carefully as the unit, and add each condo's HOA fee to the payment before comparing it with a house.
What Are the Pros and Cons of Waltham Single-Family Homes?
Pros:
•A yard, more privacy, and no HOA.
•Steinmetz says Waltham offers more space per dollar than Newton or Brookline.
Cons:
•High carrying costs, meaning the monthly cost of owning.
•Older post-war homes often need ongoing repairs.
•Well-priced homes can draw multiple showings within 48 hours, according to Steinmetz.
•You compete with move-up buyers (owners trading a smaller home for a bigger one) and downsizers with equity.
At Waltham's FY2026 rate, an $800,000 home carries an estimated $8,256 yearly tax bill, per Steinmetz. Your bill is based on the city's assessed value, the price the city puts on your home for tax purposes, which can differ from what it would sell for. Ask for the current assessment on any home you consider.
Waltham Homeownership Cost Snapshot — FY2026 Property Tax
Cost-of-ownership snapshot showing the FY2026 residential property tax rate and an estimated annual tax bill for an $800,000 home.
Tax rate
FY2026 residential property tax rate$10.32 per $1,000 of assessed value
Example cost
Estimated annual property tax on $800,000$8,256
What Are the Strongest Arguments Against the Condo-First View?
"The $25,000 at 0% could be what gets a moderate-income household into a condo."
Repayment is deferred, and the money could cover closing costs, add to a down payment, or fund a rate buydown (paying upfront for a lower interest rate). MassHousing's $205,335 income cap in eastern Massachusetts also covers many dual-income households.
Response: For a household near Movoto's $95K average household income, $25,000 doesn't close the gap between about $2,217 a month and a $4,295 condo payment. For a dual-income household already close to qualifying, it can be the difference, by covering closing costs, buying down the rate, or reducing PMI. If the program returns, ask your lender to run your payment both ways.
"The program window is over, so it is irrelevant in October."
Response: Correct as things stand. Check directly with MassHousing before counting on any renewal.
"The $849,900 September median and $950,000 median list price overstate the problem."
Response: For condo buyers, yes. Movoto's list prices are asking prices, which often exceed what homes actually sell for, and both figures blend in houses. Condo buyers typically land at $550K–$675K, per Steinmetz, against a $625,750 condo median. And Movoto's dip from a year earlier ($859,900 to $849,900) shows prices holding flat.
Which Path Wins for Waltham First-Time Buyers?
For most first-time buyers, the condo path wins. It doesn't make Waltham cheap. It makes Waltham possible with two incomes, family help, or extra savings. A single-family home is realistic mainly for two high earners or buyers bringing equity from another property.
What Should You Do Before Making an Offer?
Know your rights. Since October 15, 2025, Massachusetts sellers can't require you to waive a home inspection, per CBS Boston. The rule is 760 CMR 74, part of the Affordable Homes Act. You may still skip an inspection by choice. New construction with a one-year warranty and sales to family or trusts are exempt.
Protect your cash if you rent. Since August 1, 2025, Massachusetts law says whoever hires the broker pays the fee, NBC Boston reports, though some renters still face improper fee demands. Greater Boston move-in costs can top $10,000, money that could otherwise go toward your down payment.
What Are the Best October Steps for a Waltham Buyer?
•Get pre-approved at current rates.
•Ask your lender to test condo and house payments separately.
•Request the HOA budget and reserve study (a report on whether the building has saved enough for big repairs) for every condo.
•Review the current tax assessment before you offer.
•Start with price-reduced condo listings, especially in older buildings.
•Consider timing offers for late October, which Boston Agent Magazine identifies as the best week to buy in the Boston area.
Before you tour, check your income, down payment, and a target price near $625,750 against the 28% guideline.
