Cost of Living in Beverly, MA

Housing

The housing market plays a significant role in determining the cost of living in Beverly, MA.

• Housing Index: 125.0 / 100
• Median Home Price is: $647000
• Average Rent (2 BR Apartment): $2400 per month
• Average Rent (2 BR House): $2450 per month

When considering a move to Beverly, MA, the housing market demonstrates a notable index of 125.0, indicating a competitive environment. With a median home price of 647000, potential homebuyers should evaluate their budgets carefully. Renting is also a significant commitment here, with the average rent for a 2BR apartment standing at 2400 and a 2BR house at 2450. Given these figures, it is essential to research local amenities and employment opportunities to ensure alignment with your lifestyle and financial goals, as these can greatly influence your experience in this thriving area.

Utilities

The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Beverly, MA.

• Electricity Price: 28.15 USD (median by state)
• Natural Gas Price: $21.62 USD per Thousand Cubic Feet (median by state)
• Other Utilities (water, garbage, etc.): $250 per month

Living in Beverly, MA could entail higher utility costs. Electricity costs sit at 28.15, while natural gas is priced at 21.62 per Thousand Cubic Feet—both aligning with state medians. Expect to budget about 250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Bethlehem is a financially viable option for your relocation.

Cost of Living Index

The cost of living index is a widely used metric to determine the relative affordability of cities and towns.

• Index score: 115.0

Median Income

The median income is an important factor to consider when evaluating the affordability of a city or town.

• Median Income: $99525

Educational and Social Amenities

Access to quality education, healthcare, and social services can significantly impact the overall quality of life in a city or town.

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Summary

When considering a move to Beverly, MA, consider the following factors:

• Taxes: State income, property, and local income taxes can significantly impact your take-home pay.
• Job opportunities: The availability of jobs in your field can affect your quality of life.
• Cost of living: Housing costs, utilities, transportation, and other expenses should be considered when evaluating the affordability of a city or town.