Total monthly cost of ownership
Cost to Own a Home in Peabody, Massachusetts
A $566,000 home here costs
$4,266per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,910. The real number is $1,356 higher every month — 47% 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.
Peabody against Essex County and Massachusetts
| Measure | Peabody | Essex County |
|---|---|---|
| Median home value | $566,200 | $584,000 |
| Median property tax | $4,938 | $6,267 |
| Effective tax rate | 0.872% | 1.073% |
| Median gross rent | $1,902 | $1,673 |
| Population | 54,180 | 807,258 |
The weather behind that power bill
Peabody 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 Peabody?
A $566,000 home in Peabody, Massachusetts costs approximately $4,266 per month with 20% down at 6.66%. That is $2,910 principal and interest, $411 property tax, $146 homeowners insurance, $327 utilities and $472 set aside for maintenance.
What is the property tax rate in Peabody?
Peabody has an effective property tax rate of 0.872%, based on a median home value of $566,200 and median real estate taxes of $4,938. That is lower than the Essex County average of 1.073%.
What is the average home price in Peabody?
The median owner-occupied home value in Peabody, Massachusetts is $566,200, against $584,000 across Essex County.
Is it cheaper to rent or buy in Peabody?
Median gross rent in Peabody is $1,902 a month, against $4,266 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 Peabody — 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.