Total monthly cost of ownership
Cost to Own a Home in Gloucester, Massachusetts
A $588,000 home here costs
$4,499per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $3,023. The real number is $1,476 higher every month — 49% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Gloucester against Essex County and Massachusetts
| Measure | Gloucester | Essex County |
|---|---|---|
| Median home value | $587,800 | $584,000 |
| Median property tax | $6,086 | $6,267 |
| Effective tax rate | 1.035% | 1.073% |
| Median gross rent | $1,395 | $1,673 |
| Population | 29,862 | 807,258 |
The weather behind that power bill
Gloucester sits in Essex County, which averages a high of 81.8°F in its hottest month and a low of 19.7°F in its coldest, with 44.89" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 611 cooling and 6,103 heating degree days, which is what sets the $259 electricity line above.
See the full climate breakdown for Essex County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Essex County
Full Essex County cost breakdown · Every county in Massachusetts
Common questions
How much does it cost to own a home in Gloucester?
A $588,000 home in Gloucester, Massachusetts costs approximately $4,499 per month with 20% down at 6.66%. That is $3,023 principal and interest, $507 property tax, $152 homeowners insurance, $327 utilities and $490 set aside for maintenance.
What is the property tax rate in Gloucester?
Gloucester has an effective property tax rate of 1.035%, based on a median home value of $587,800 and median real estate taxes of $6,086. That is lower than the Essex County average of 1.073%.
What is the average home price in Gloucester?
The median owner-occupied home value in Gloucester, Massachusetts is $587,800, against $584,000 across Essex County.
Is it cheaper to rent or buy in Gloucester?
Median gross rent in Gloucester is $1,395 a month, against $4,499 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Gloucester — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Massachusetts.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.