Danvers, MA

Very High · 163

Massachusetts · Population 27,924 · Updated March 2026

$2,004
Median Rent / Month
$117,072
Median Income
$611,200
Median Home Value
$2,196
Owner Costs / Month

Affordability

How far your income goes in Danvers

20.5%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Massachusetts

State-level tax rates that affect your costs

9.0%
Income Tax (Top Rate)
6.25%
Sales Tax
1.15%
Property Tax Rate

Estimated Annual Costs

$24,048
Annual Rent
$10,536
State Income Tax
$7,029
Property Tax (est.)

Cost of Living Overview

Danvers has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 163 (where 100 equals the national median), Danvers residents can expect to pay median rent of $2,004/month while earning a median household income of $117,072/year.

The median home value in Danvers, MA is $611,200, with typical monthly owner costs around $2,196 including mortgage, insurance, and taxes. The median rent-to-income ratio of 20.5% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Massachusetts's top income tax rate of 9.0% is among the highest in the nation, adding to the overall cost burden. Combined with a 6.25% sales tax rate and 1.15% effective property tax rate, the overall tax environment is a factor in the total cost of living in Danvers.

Frequently Asked Questions

Common questions about living costs in Danvers

What is the cost of living in Danvers, MA?
The cost of living index in Danvers, MA is 163 (US average = 100). Median monthly rent is $2,004, median household income is $117,072/year, and the median home value is $611,200.
Is Danvers, MA affordable?
No, Danvers is more expensive than the national average with a cost index of 163. The rent-to-income ratio is 20.5%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Danvers, MA?
The median gross rent in Danvers, MA is $2,004 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $24,048.
What is the median household income in Danvers?
The median household income in Danvers, MA is $117,072 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Massachusetts?
Massachusetts has a top income tax rate of 9.0%, a sales tax of 6.25%, and an effective property tax rate of 1.15%.