Wakefield, MA

Very High · 169

Massachusetts · Population 27,284 · Updated March 2026

$1,872
Median Rent / Month
$130,320
Median Income
$670,100
Median Home Value
$2,403
Owner Costs / Month

Affordability

How far your income goes in Wakefield

17.2%
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

$22,464
Annual Rent
$11,729
State Income Tax
$7,706
Property Tax (est.)

Cost of Living Overview

Wakefield has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 169 (where 100 equals the national median), Wakefield residents can expect to pay median rent of $1,872/month while earning a median household income of $130,320/year.

The median home value in Wakefield, MA is $670,100, with typical monthly owner costs around $2,403 including mortgage, insurance, and taxes. The median rent-to-income ratio of 17.2% 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 Wakefield.

Frequently Asked Questions

Common questions about living costs in Wakefield

What is the cost of living in Wakefield, MA?
The cost of living index in Wakefield, MA is 169 (US average = 100). Median monthly rent is $1,872, median household income is $130,320/year, and the median home value is $670,100.
Is Wakefield, MA affordable?
No, Wakefield is more expensive than the national average with a cost index of 169. The rent-to-income ratio is 17.2%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Wakefield, MA?
The median gross rent in Wakefield, MA is $1,872 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $22,464.
What is the median household income in Wakefield?
The median household income in Wakefield, MA is $130,320 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%.