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FHA Loans in Massachusetts

About This State and its People, Places, and Industries

The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. Most of its population of 6.6 million lives in the Boston metropolitan area. The eastern half of the state consists of urban, suburban, and rural areas, while Western Massachusetts is mostly rural. Massachusetts is the most populous of the six New England states and ranks third among U.S. states in GDP per capita.

Massachusetts has been significant throughout American history. Plymouth was the second permanent English settlement in North America. Many of Massachusetts's towns were founded by colonists from England in the 1620s and 1630s. The Merrimack Valley has been, since 1650, a center of creativity through the poetic word. America's first published poet of significance, Anne Bradstreet was a founding mother of three towns in the Commonwealth. She produced poetry amid great physical hardship and gender bias. She lived the last half of her life in North Andover and died there in 1672. The town and surrounding area is now known as the Valley of the Poets.

During the eighteenth century, Boston became known as the "Cradle of Liberty" for the agitation there that led to the American Revolution and the independence of the United States from Great Britain. It was also a center of the temperance movement and abolitionist activity before the American Civil War. In 2004, Massachusetts became the first U.S. state to legally recognize same-sex marriage. The state has contributed many prominent politicians to national service, including the Adams family and the Kennedy family.

Originally dependent on fishing, agriculture, and trade with Europe, Massachusetts was transformed into a manufacturing center during the Industrial Revolution. During the twentieth century, the state's economy shifted from manufacturing to services. Today, the state is a leader in higher education, health care, high technology, and financial services.

Massachusetts had an estimated 2009 population of 6,593,587. As of 2000, Massachusetts was estimated to be the third most densely populated U.S. state, with 809.8 per square mile, behind New Jersey and Rhode Island. Massachusetts in 2004 included 919,771 foreign-born residents. Most Bay Staters live within the Boston Metropolitan Area, also known as Greater Boston. Eastern Massachusetts is more urban than Western Massachusetts, which is primarily rural, save for the cities of Springfield, Chicopee, and Northampton, which serve as centers of population density in the Pioneer Valley of the Connecticut River. The center of population of Massachusetts is located in Middlesex County, in the town of Natick.

Like the rest of the northeastern United States, the population of Massachusetts has continued to grow in the past few decades, although at a slower pace than states in the South or West. The latest census estimates show that the commonwealth's population grew by 3.9% since 2000, compared with nearly 10% nationwide. Although many residents are leaving the state, foreign immigration is making up for this loss, causing the population to continue to grow. 40% of foreign immigrants were from Central or South America, according to a 2005 Census Bureau study. The study also showed a 15.4% increase in immigrants living in Massachusetts households. Many areas of the commonwealth showed relatively stable population trends between 1990 and 2000. Exurban Boston and coastal areas grew the most rapidly, while Berkshire and Hampden counties both showed slight declines in the last census. The most commonly cited reasons for leaving the state include the high costs of living and better employment opportunities elsewhere. Another factor has been the transformation from a manufacturing economy to one based on high technology, leaving limited employment options for lower-skilled workers, particularly males. In 2005, 79% of Bay Staters spoke English, 7% spoke Spanish, 3.5% spoke Portuguese, and 1% spoke either French or Chinese
The United States Bureau of Economic Analysis estimates that Massachusetts' gross state product in 2008 was US$365 billion. The per capita personal income in 2008 was $50,735, making it the third highest state in the nation. 22 Fortune 500 companies are located in the commonwealth, the largest of which is Liberty Mutual Insurance Group. Sectors vital to the Massachusetts economy include higher education, biotechnology, finance, health care, and tourism. Route 128 was a major center for the development of minicomputers and electronics. High technology remains an important sector, though few of the largest technology companies are based there. In recent years tourism has played an ever-important role in the state's economy, with Boston and Cape Cod being the leading destinations. Other popular tourist destinations include Salem, Plymouth and the Berkshires. As of April 2010, the state's unemployment rate was 9.2%.

As of 2005, there were 7,700 farms in Massachusetts encompassing a total of 520,000 acres (2,100 km2), averaging 68 acres (0.28 km2) apiece. Almost 2,300 of Massachusetts' 6,100 farms grossed under $2,500 in 2007. Particular agricultural products of note include tobacco, livestock, and fruits, tree nuts, and berries, for which the state is nationally ranked 11th, 17th, and 16th, respectively Massachusetts is the second largest cranberry producing state in the union (after Wisconsin)

Massachusetts' overall state and local tax burden ranks 23rd highest in the United States. Massachusetts has a flat-rate personal income tax of 5.3%, with an exemption for income below a threshold that varies from year to year. The corporate income tax rate is 8.8%, and the capital gains tax rate was 12%.The state imposes a 6.25% sales tax on retail sales of tangible personal property—except for groceries, clothing, and periodicals. The sales tax is charged on clothing that costs more than $175.00. All real and tangible personal property located within the Commonwealth of Massachusetts is taxable unless specifically exempted by statute. Property taxes in the state were the eighth highest in the nation. There is no inheritance tax and limited Massachusetts estate tax related to federal estate tax collection.
Massachusetts has a long history with amateur athletics and professional teams. Most of the major professional teams have won multiple championships in their respective leagues. Massachusetts teams have won five Stanley Cups (Boston Bruins), seventeen NBA Championships (Boston Celtics), three Super Bowls (New England Patriots), and eight World Series (seven for the Boston Red Sox, one for the Boston Braves). The state is also the home to the Basketball Hall of Fame (Springfield) and the Volleyball Hall of Fame (Holyoke); sports that were both invented in the Commonwealth.

Massachusetts is also the home of the Cape Cod Baseball League, rowing events such as the Eastern Sprints on Lake Quinsigamond in Worcester and the Head of the Charles Regatta, and the Boston Marathon. A number of major golf events have taken place in Massachusetts, including nine U.S. Opens and two Ryder Cups, among others. The New England Revolution is the Major League Soccer team in Massachusetts, and the Boston Cannons are the Major League Lacrosse team.

Many universities in Massachusetts are active in college athletics. There are a number of NCAA Division I teams in the state involved in multiple sports: Harvard University, Boston College, Boston University, Northeastern University, College of the Holy Cross in Worcester, and the University of Massachusetts at Amherst.

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FHA Loans in Massachusetts

About This State and its People, Places, and Industries

Choose Your City >>>

Recent blog posts

Sometimes

FHA Loan Limits

FHA Loan Calculator

Newsletter library

Newsletter Nº3

Newsletter Nº2

Newsletter Nº1