Peabody, MA
Population 54,180 · Massachusetts
About Peabody, MA
Peabody is a mid-sized city located in Massachusetts with a population of 54,180 residents according to the latest US Census Bureau American Community Survey data. The median household income is $95,278 per year, which is 27% above the national median of $75,149. The median age of 46.6 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Peabody features a median home value of $566,200, which is 131% above the national median of $244,900. This places Peabody in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,902, 64% above the national average of $1,163/month. Of the 23,254 total housing units, 66% are owner-occupied (14,746 units) and 34% are renter-occupied (7,723 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Peabody shows an unemployment rate of 4.8%, which is near the national rate of 3.7%. The poverty rate stands at 6.5%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Peabody have an average one-way commute time of 27.2 minutes.
Education & Demographics
33.9% of Peabody residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 0.3% White, 1.3% Hispanic or Latino, 2.1% Black or African American, and 9.5% Asian residents, with 17.2% of the population being foreign-born.
How Peabody Ranks in Massachusetts
Cost of Living in Peabody, MA
Compared to national averages, Peabody has a median household income of $95,278 (27% above the national median of $75,149). Home values average $566,200, which is 131% above the national median. Monthly rent at $1,902 is 64% above the US average of $1,163. Within Massachusetts, Peabody's income is 10% below the state average of $105,630, and home values are 1% above the state median of $561,296.
Why Live in Peabody, MA?
Peabody offers a strong local economy with a median household income of $95,278, well above the national average, and a well-educated community where 33.9% of residents hold a bachelor’s degree or higher, and a low poverty rate of 6.5%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $566,200. However, as a mid-sized city, Peabody provides access to a wide range of amenities and services.
Peabody has a population of 54,180 with a median age of 46.6 years. Compare Peabody with other cities to see how it stacks up, or explore all cities in Massachusetts.
Similar Cities Near Peabody
Cities in Massachusetts with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Chicopee | 55,213 | $66,927 | $251,800 | Compare |
| Methuen Town | 53,043 | $103,270 | $472,200 | Compare |
| Weymouth Town | 57,786 | $100,077 | $516,200 | Compare |
| Medford | 59,062 | $118,089 | $715,500 | Compare |
| Everett | 49,236 | $79,658 | $605,200 | Compare |
| Barnstable Town | 49,232 | $97,348 | $559,200 | Compare |
| Taunton | 59,719 | $79,715 | $388,200 | Compare |
| Revere | 59,933 | $81,121 | $566,200 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Massachusetts
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Peabody With Other Cities
Frequently Asked Questions about Peabody
What is the population of Peabody, MA?
The population of Peabody, MA is 54,180 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Massachusetts.
What is the median household income in Peabody?
The median household income in Peabody, MA is $95,278 per year, which is 27% above the national median of $75,149.
What is the median home value in Peabody?
The median home value in Peabody, MA is $566,200, which is 131% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Peabody?
The median monthly rent in Peabody, MA is $1,902, which is 64% above the national average of $1,163/month.
What is the unemployment rate in Peabody?
The unemployment rate in Peabody, MA is 4.8%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Peabody, MA a good place to live?
Peabody offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 54,180 and a median age of 46.6, the city appeals to established professionals and retirees.
How educated is Peabody, MA?
33.9% of residents in Peabody aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Peabody?
Key cost-of-living indicators for Peabody, MA: median home value is $566,200 (131% above national), median rent is $1,902/month, and median household income is $95,278. The home-value-to-income ratio is 5.9x, a moderate figure by national standards.
What is the poverty rate in Peabody?
The poverty rate in Peabody, MA is 6.5%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Peabody, MA?
Peabody's population is 0.3% White, 1.3% Hispanic or Latino, 2.1% Black or African American, 9.5% Asian, and 3.6% two or more races. 17.2% of residents are foreign-born.