Quick facts: Peabody, MA

Quick Facts

115.2
Cost of Living
above US average
53,896
Population
10.45
Crime Rate per 1000
below US average
$91,125
Median Income
above US average
$524,900
Median House Price
above US average
$2931.11
Average Rent
above US average
6%
Poverty Rate
below US average
3.7%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $91,125.

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Income Needed to Buy

βœ— Stretch
$165k/year
Based on $524,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $165k vs median $91,125
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Income Needed to Rent

⚠ Stretch
$126k/year
Based on $2931.11/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $126k vs median $91,125
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Peabody, MA

Peabody, located in Essex County, Massachusetts, is a vibrant city known for its rich history and growing economy. Nestled just 18 miles northeast of Boston, Peabody is part of the Greater Boston metropolitan area. With its roots dating back to the 1626 establishment of "Salem Village," Peabody has evolved from a small agrarian community into a bustling urban center. The city is well-known for its diverse shopping experiences, especially with the Northshore Mall, one of the largest shopping centers in the region. Its thriving business sector includes a mix of retail, services, and industry, particularly in health care, manufacturing, and technology. Peabody boasts several scenic parks and recreational facilities, including the Peabody Town Forest, which offers hiking trails and natural beauty. The city is also home to the Peabody Institute Library, a historic landmark that serves as a cultural hub for residents. Education is a priority in Peabody, with a variety of public and private schools, and proximity to colleges and universities in the surrounding areas. This dynamic blend of history, commerce, and community makes Peabody a desirable place to live and work.

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