The home of Boston, Paul Revere, the Patriots professional football team and the Celtics professional basketball team, Massachusetts has a vibrant history and community to offer residents. Most of the population resides in the eastern half of the state, with a high concentration in and around Boston. For centuries the Commonwealth has been tied to the sea, with fishing communities up and down its coastline. Massachusetts is world-renowned for higher education: Harvard, founded in 1636, is the oldest university in the United States, and the state is home to more than 100 colleges and universities, including MIT, Brandeis, Tufts, Boston University and Boston College. The major industries of the state include healthcare, education, insurance, finance, technology and tourism.

As of the U.S. Census Bureau's 2024 estimate, roughly 7.1 million people call Massachusetts home. It is a geographically small state, which makes it one of the most densely populated in the country. Massachusetts also has one of the largest and most productive economies in the nation, and per capita income here ranks among the highest of any state. This being RateZip, we also have to mention that Liberty Mutual Insurance is headquartered in Boston.

Cities & Places to Live

Home values in Massachusetts are among the highest in the country and have risen sharply over the past decade. As of 2025, the typical home in the state was valued at roughly $660,000 (Zillow), though that figure varies widely by location. A condo in Boston or a waterfront home on Cape Cod or the islands can run well into seven figures, while cities in central and western Massachusetts generally offer more affordable options. Where exactly you buy makes a large difference, so it pays to research individual towns and neighborhoods before you shop.

Boston

Population: about 665,000 (2024)

Boston is one of the great American cities, and one of the oldest. It is far larger than its city limits suggest - Greater Boston, its metropolitan area, is among the largest metros in the United States. In addition to its history, Boston is one of the world's leading hubs for higher education, medicine and research. The city is expensive, but it is beautiful, offers strong job opportunities, and consistently ranks high in livability studies.

Worcester

Population: about 207,000 (2024)

Known as the Heart of the Commonwealth for its central location, Worcester is the state's second-largest city, though it is often counted as part of Greater Boston. Once a manufacturing hub, Worcester's economy today leans heavily on education, healthcare and services. The Hanover Insurance Group is headquartered in the city.

Springfield

Population: about 155,000 (2024)

There are many towns named Springfield across the U.S., including a fictional one on The Simpsons, but Springfield, Massachusetts was among the first, and today it is the largest city in Western Massachusetts. The area is a regional center for higher education, with numerous colleges and universities nearby, and the local economy relies largely on healthcare, services, tourism and government.

Cambridge

Population: about 118,000 (2024)

Just across the Charles River from Boston, Cambridge is home to two of the most prominent universities in the world, Harvard and the Massachusetts Institute of Technology (MIT). Not surprisingly, those institutions are among the city's largest employers, anchoring a dense cluster of research, biotech and technology firms. Nearby Lowell is close behind Cambridge in population.

Finding the Right Bank for You

Massachusetts is one of the oldest and most historically significant states in America, and its residents are served by a wide range of financial institutions, both big and small. In the lists that follow you will find community-oriented banks and credit unions alongside major national players. Beyond interest rates, your personal preference will go a long way in determining who to choose. Bank rosters change as institutions merge, so confirm that any bank or credit union still operates before you apply.

Local & community banks:

  1. Bank of Canton
  2. Bank of New England
  3. Dedham Savings
  4. Eastern Bank
  5. Foxboro Federal Savings
  6. Georgetown Savings Bank
  7. Martha's Vineyard Savings Bank
  8. UniBank for Savings
  9. Williamstown Savings Bank

Credit unions in Massachusetts:

  1. Digital Federal Credit Union (DCU)
  2. Metro Credit Union
  3. Greylock Federal Credit Union
  4. Hanscom Federal Credit Union
  5. Jeanne D'Arc Credit Union
  6. Workers Credit Union
  7. St. Anne's Credit Union
  8. Rockland Federal Credit Union

Big banks with Massachusetts branches and ATMs:

  1. Bank of America
  2. Citizens Bank
  3. M&T Bank
  4. Santander Bank
  5. TD Bank
  6. Webster Bank

Once you know what's out there, you can use RateZip to compare auto loans, deposit accounts, CDs, and more.

Getting a Mortgage in MA

Any home purchase in the state should be researched using mortgage rate information from RateZip.com, one of the most comprehensive rate comparison resources available. Because homes in Massachusetts tend to be expensive, the savings from a good deal can add up quickly over the life of a loan. If you're looking to refinance your existing mortgage, we can help there as well.

First-time buyers in Massachusetts should also look into MassHousing, the state's housing finance agency, which offers affordable first mortgages and down payment assistance for eligible buyers. Many cities and towns run their own homebuyer assistance programs, so it's worth checking what's available where you plan to buy.

Fixed vs Adjustable: What's Right for Me?

One of the first major decisions a mortgage shopper faces is whether to choose a fixed or adjustable interest rate. With a fixed-rate mortgage (FRM), the interest rate stays the same for the life of the loan, assuming you don't refinance. The most popular FRM has a term of 30 years. With an adjustable-rate mortgage (ARM), the rate is fixed for an introductory period and then adjusts at set intervals. Common ARMs include the 5/1 and 7/1, where the initial rate lasts five or seven years respectively before adjusting periodically. Most ARMs carry a term of 30 years.

So which should you choose? It depends on your situation. Fixed-rate loans tend to suit homeowners who plan to stay put and want the security of a predictable monthly payment. Adjustable-rate loans can appeal to buyers who expect to move or refinance before the initial period ends. Compare current rates and run the numbers for several scenarios on RateZip to see what works best for you.