Peabody, MA

Very High · 151

Massachusetts · Population 54,180 · Updated March 2026

$1,902
Median Rent / Month
$95,278
Median Income
$566,200
Median Home Value
$1,965
Owner Costs / Month

Affordability

How far your income goes in Peabody

24.0%
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

$22,824
Annual Rent
$8,575
State Income Tax
$6,511
Property Tax (est.)

Cost of Living Overview

Peabody has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 151 (where 100 equals the national median), Peabody residents can expect to pay median rent of $1,902/month while earning a median household income of $95,278/year.

The median home value in Peabody, MA is $566,200, with typical monthly owner costs around $1,965 including mortgage, insurance, and taxes. The median rent-to-income ratio of 24.0% 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 Peabody.

Frequently Asked Questions

Common questions about living costs in Peabody

What is the cost of living in Peabody, MA?
The cost of living index in Peabody, MA is 151 (US average = 100). Median monthly rent is $1,902, median household income is $95,278/year, and the median home value is $566,200.
Is Peabody, MA affordable?
No, Peabody is more expensive than the national average with a cost index of 151. The rent-to-income ratio is 24.0%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Peabody, MA?
The median gross rent in Peabody, MA is $1,902 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $22,824.
What is the median household income in Peabody?
The median household income in Peabody, MA is $95,278 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%.