Cost of Living in Wakefield, MA
Population 27,793 · Census ACS 2020–2024 5-year estimates
The median rent in Wakefield, MA is $1,958/month, 11% higher than the Massachusetts median and 39% higher than the U.S. median. The median home value is $723,500, 117% higher than the national median. Households earn a median of $134,306 a year, 29% higher than the state median.
Affordability
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Wakefield vs. Massachusetts vs. U.S.
| Wakefield | Massachusetts | U.S. | |
|---|---|---|---|
| Median rent | $1,958 | $1,762 | $1,413 |
| Median home value | $723,500 | $562,100 | $332,700 |
| Median household income | $134,306 | $103,960 | $80,734 |
| Homeownership rate | 70.7% | 62.5% | 65.2% |
| Bachelor's degree or higher | 59.7% | 47.3% | 35.7% |
| Poverty rate | 4.9% | 10.0% | 12.5% |
| Unemployment rate | 4.4% | 5.2% | 5.2% |
| Work from home | 24.6% | 18.6% | 15.1% |
| Median age | 42.4 | 40.0 | 38.9 |
FAQ
What is the average rent in Wakefield, MA?
The median gross rent in Wakefield, MA is $1,958 per month (ACS 2020–2024 5-year estimate).
How much do I need to earn to live in Wakefield, MA?
Using the common 30% rule, renting a median-priced home takes about $78,320 a year in gross income.
Is Wakefield, MA expensive to live in?
Rent there is 39% higher than the U.S. median, and the median home costs about 5.4 times the median household income.
Other cities in Massachusetts
Cities with a similar cost of living
Source: U.S. Census Bureau, American Community Survey 5-year estimates. Estimates have margins of error, especially for smaller places. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
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