States › Massachusetts › Peabody

Is Peabody, MA expensive to live in?

OKRent takes 27 cents of every $1 people earn here.
🏠 Rent per month (2026)$2,33133% higher than U.S. average
💵 Families earn per year (2026)$104,245about $8,687/month · 20% higher than U.S. average
🔑 House price$596,20079% higher than U.S. average

Rent is higher than in 81% of U.S. cities. A typical house costs about 5.7 years of household income.

How much money do I need?

To rent here comfortably, you should earn about $93,240 a year. That is $45 an hour at a full-time job.

Is rent cheaper than other Massachusetts cities?

No. Rent here is more expensive than in most of Massachusetts. It is number 62 of 123 cities from cheapest to most expensive.

Peabody
$2,331
Chicopee
$1,416
Methuen
$2,536
Weymouth Town
$2,398
Medford
$3,353
Everett
$2,839
Revere
$2,829

How much do households earn in Peabody?

Under $25k
12.1%
$25k–50k
14.2%
$50k–100k
30.0%
$100k–150k
22.3%
$150k+
17.1%

Share of households by yearly income. 39.5% of households earn $100,000 or more.

Rent by apartment size in Peabody

SizePeabodyU.S. average
Studio$1,899$1,338
1 bedroom$1,982$1,324
2 bedrooms$2,238$1,509
3 bedrooms$2,468$1,698
4 bedrooms$3,333$2,098

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is Peabody overall?

Everyday prices in Massachusetts overall are 6% above the U.S. average (index 105.8, U.S. = 100).

Housing
128
Goods (food, clothes…)
99
Utilities
152
Other services
103
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Peabody, so the Massachusetts figure is shown.

Taxes and bills in Peabody

🏛️ Property tax$5,065a year · 0.85% of home value · U.S. $3,119
⚡ Electric bill$104a month (typical) · U.S. $156

Life in Peabody

Commute to work25.8 minU.S.: 26.4 min
College degree35%U.S.: 35.7%
Own their home65.6%U.S.: 65.2%
Below poverty line7.7%U.S.: 12.5%
Unemployment4.9%U.S.: 5.2%

Is it cheaper to rent or buy in Peabody?

Renting is cheaper right now: about $1,806 a month less.

Renting
$2,331
Owning
$4,137

Owning assumes a typical $596,200 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $59,620 for the down payment.

Frequently asked questions

What is the average rent in Peabody, MA?

Renting in Peabody costs a median of about $2,331 a month in 2026, including utilities. The Massachusetts median is $2,331.

How much do I need to make to live in Peabody?

To keep rent under 30% of income, you need about $93,240 a year, or $45 an hour at a full-time job.

Is Peabody cheap or expensive?

Peabody is rated OK: rent takes 26.8% of the typical household income of $104,245. It ranks 62nd cheapest of 123 Massachusetts cities we track.

How much are property taxes in Peabody?

The median homeowner in Peabody pays $5,065 a year in property taxes, about 0.85% of the median home value.

Is Peabody more expensive than the national average?

Overall prices in Massachusetts are 6% above the U.S. average, according to the U.S. Bureau of Economic Analysis.

How much does a house cost in Peabody?

The median home value in Peabody is $596,200, about 5.7 times the typical yearly household income.

54,695 people live in Peabody. Numbers are typical (middle) values.