The numbers for Lowell
| Measure | Lowell | Massachusetts |
|---|---|---|
| Units in 2-unit buildings | 7,273 | 282,603 |
| Units in 3- and 4-unit buildings | 4,664 | 323,934 |
| All units in 2-4 unit buildings | 11,937 (rank 10 of 351) | 606,537 |
| Share of all housing units | 26.6% (rank 17 among the 30 places with 20,000+ units) | 20.0% |
| Units built 1939 or earlier | 43.9% | 30.5% |
| Units built 1979 or earlier | 75.1% | 67.4% |
| Households that rent | 56.8% | 37.5% |
| Median value, owner-occupied homes (all types) | $429,200 | n/a |
| Median gross rent | $1,625 a month | n/a |
Counts are housing units in buildings with 2, 3 or 4 units (Census table B25024), not buildings and not parcels; a three-family counts as three units. They are survey estimates with a margin of error (for large cities about 1 to 8 percent of the 2-4 unit count). The median value is what owners say their home is worth across all home types, not a sale price and not the price of a two- or three-family.
What this means if you own one in Lowell
Lowell's median owner-occupied value of $429,200 sits between Worcester and Boston, and its median rent ($1,625) is higher than Worcester's ($1,487). That makes rent roll and lease terms the main thing an investor reads. An owner-occupant buyer reads the unit they will live in.
75.1% of units were built in 1979 or earlier; assume the lead notice applies and check the build year on the assessor's record.
Steps that apply in Lowell
- Fire department certificate. The Lowell Fire Department inspects smoke and carbon monoxide alarms before a sale or transfer (MGL c.148 s.26F and s.26F1/2). Ask for the date as soon as you have a closing date. See the smoke and CO certificate.
- Lead notice. For a building built before 1978, give the buyer the Property Transfer Lead Paint Notification before the buyer signs the purchase and sale agreement. See lead paint when you sell.
- Tenants and deposits. Deposits and last month's rent move to the buyer, who must notify each tenant in writing within 45 days (MGL c.186 s.15B). See selling with tenants in place.
- Start the paper early. Ask the City of Lowell for the municipal lien certificate when you have a closing date (how it works). Ask the Lowell Fire Department for the smoke and CO appointment at the same time.