F
49%
Overall NAT. AVG.
22%
Goods & Services NAT. AVG.
117%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Beverly Massachusetts National
Cost of living149133100
Goods & Services122122100
Groceries105105100
Health care113113100
Housing217165100
Transportation118118100
Utilities134134100

An Overview of Cost of Living in Beverly, MA

Knowing the cost of living in Beverly allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Beverly stands at 149, marking it 49% higher than the national average.

If you prioritize affordability when seeking a new place to live, Beverly may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Beverly falls into this category, which may not align with your preferences for a budget-friendly living environment.

Housing costs are a very significant part of the Beverly cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 116.8% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Beverly goods and services are 21.6% more expensive than the national average, leaving you with less money at the end of the month.

Is Beverly Affordable?

Wondering if Beverly is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Beverly, for example, the median home price is 150.7% higher than what folks pay nationally, and monthly rent is 37.8% higher than the usual rates. Plus, income levels matter too, with Beverly boasting a median household income of $84,354, which is 52.5% higher than the national average.

What Factors can Influence the Cost of Living in Beverly?

Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Beverly, healthcare costs are 12.9% higher than the national average.

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Beverly comes in at 33.9% higher than the national average.

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Beverly, the housing index is 116.8% higher than the national average.

Where is the Data From?

The cost of living data in Beverly displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Beverly is 12% higher than the Massachusetts average
  • The cost of living in Beverly is 49% higher than the national average
  • Beverly housing is 117% higher than the national average
  • Massachusetts general sales tax is 22% higher than the national average
  • Massachusetts state income tax is 93% higher than the national average

Most Affordable Places to Live in and Around Beverly

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Compare Beverly, MA Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$126,009$10,501$2,940$3,781
      Renters$36,631$3,053$855$1,099
      A good way to judge both the affordability of the housing and the cost of living in Beverly is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Beverly has a median income of about $126,009 for people who own homes. Based on that number, a maximum of $2,940 should be spent on expenses related to housing. Renters have a slightly different median income, which is $36,631. Based on this average, renters should spend no more than $855 on all rental costs if they want to maintain a non-impoverished standard of living.

      Massachusetts Sales Tax

      State General Sales Tax With Max Surtax
      Massachusetts 6.25% 6.25%

      Massachusetts Income Tax

      State Income Tax (Low) Income Tax (High)
      Massachusetts 5% 9%

      Goods & Services

      Item Beverly National avg. Difference
      Haircut $43.72$24.2680.2%
      Beauty Salon $65.56$45.5643.9%
      Toothpaste $3.53$3.704.7%
      Shampoo $1.49$1.2816.4%
      Movie $15.49$12.1327.6%
      Bowling $29.33$18.0063.0%

      Groceries

      Item Beverly National avg. Difference
      Ground Beef $5.48$5.846.2%
      Fried Chicken $1.45$1.578.0%
      Milk $4.76$4.671.9%
      Potatoes $4.99$4.931.1%
      Pizza $12.52$12.093.6%
      Beer $10.21$10.411.9%

      Health Care

      Item Beverly National avg. Difference
      Optometrist $123.17$125.682.0%
      Doctor $157.89$135.7816.3%
      Dentist $149.22$113.2931.7%
      Ibuprofen $11.39$10.656.9%
      Lipitor $384.69$468.6017.9%

      Housing

      Item Beverly National avg. Difference
      Home Price $463,000.00$184,700.00150.7%
      Avg. Mortgage Payment $4,745.89$2,346.69102.2%
      Apartment Rent $1,308.00$949.0037.8%

      Transportation

      Item Beverly National avg. Difference
      Gasoline $3.43$3.460.9%
      Tire Balancing $97.39$59.9262.5%

      Utilities

      Item Beverly National avg. Difference
      All Electricity $302.72$193.9956.0%
      Phone $187.85$192.252.3%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Lynn, MA94,20113635.5%
      Salem, MA43,35013939.2%
      Chelsea, MA39,87814039.5%
      Revere, MA53,40014241.6%
      Saugus, MA28,32614241.9%
      Beverly, MA42,06214948.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      State College, PA42,10012120.6%
      Salaberry-de-Valleyfield, QC42,121n/a 
      Midland, MI41,922964.2%
      Annandale, VA42,24014848.0%
      Odenton, MD42,25812928.7%
      Beverly, MA42,06214948.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.