Danvers cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexDanversMassachusettsNational
Cost of living index145132100
IndexDanversMassachusettsNational
Goods & Services index131117100
Groceries index106108100
Health care index133121100
Housing index185167100
Transportation index113109100
Utilities index158129100
The above illustration supplies generalized information for the Danvers, MA cost of living index. Compared to other cities in Massachusetts and cities across the country, the cost of living index in Danvers, MA is 145, which is 10% higher than the Massachusetts average and 45% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Danvers, MA are 12% higher than the average for Massachusetts and 31% higher than the rest of the country.

Did you know?

  • The cost of living in Danvers is 10% higher than the Massachusetts average.
  • The cost of living in Danvers is 45% higher than the national average.
  • The cost of housing in Danvers is 85% higher than the national average.
  • Massachusetts general sales tax is 23% higher than the national average.
  • Massachusetts state income tax is 132% higher than the national average.

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Salary Calculator

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Use the salary calculator to compare your current salary in Danvers, MA to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Danvers, MA, then you would need to earn more income in order to maintain the same standard of living. To use the Danvers, MA salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$94,105$7,842$2,196$2,823
Renters$50,954$4,246$1,189$1,529
If you want to find a good determining factor for the cost of living and the general affordability of housing in Danvers, MA, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Danvers, MA, the median monthly income is $94,105 for those who own their own homes. Under the standard rule, that income level would allow for $2,196 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $50,954, per the median income in the area. That would allow for renters to spend up to $1,189 on monthly rental expenses.

Massachusetts Sales Tax

StateGeneral Sales TaxWith Max Surtax
Massachusetts6.25%6.25%

Massachusetts Income Tax

StateIncome Tax (Low)Income Tax (High)
Massachusetts5.15%5.15%
For those who live in Danvers, MA and want to know what the true cost of living is, they ought to look at both the Massachusetts income tax rate and the Massachusetts sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Massachusetts, the sales tax is 6.25%, while the most you'll pay in surtax is 6.25%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Massachusetts, the income tax rate ranges between 5.15% to 5.15%.

Goods & Services

ItemDanversNational avg.Difference
Haircut $20.93$15.5634.5%
Beauty Salon $50.40$36.1139.6%
Toothpaste $2.46$2.470.6%
Shampoo $0.96$0.960.5%
Movie $13.24$10.1330.7%
Bowling $9.15$4.7493.3%

Groceries

ItemDanversNational avg.Difference
Ground Beef $4.07$3.982.1%
Fried Chicken $1.72$1.4122.2%
Milk $1.94$2.066.2%
Potatoes $3.26$2.989.4%
Pizza $11.10$9.4717.1%
Beer $9.62$8.799.4%

Health Care

ItemDanversNational avg.Difference
Optometrist $107.42$101.046.3%
Doctor $188.00$107.4475.0%
Dentist $121.47$90.4234.3%
Ibuprofen $9.19$9.281.0%
Lipitor $439.90$426.503.1%

Housing

ItemDanversNational avg.Difference
Home Price $359,700.00$175,700.00104.7%
Avg. Mortgage Payment $1,986.40$1,133.2375.3%
Apartment Rent $1,282.00$920.0039.3%

Transportation

ItemDanversNational avg.Difference
Gasoline $2.03$1.992.1%
Tire Balancing $62.45$45.7636.5%

Utilities

ItemDanversNational avg.Difference
All Electricity$287.63$163.8175.6%
Phone $38.66$28.3936.2%
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, StatePopulationCost of Living IndexNational Avg.
Lawrence, MA77,36412525%
Lynn, MA91,28912929%
Haverhill, MA61,76912424%
Chelsea, MA37,08413232%
Methuen Town, MA48,15912727%
Danvers, MA27,07514545%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Forest Hills, MI27,07211010%
Westport, CT27,055235135%
Mount Juliet, TN27,0531033%
Thomasville, NC27,04283-17%
Eureka, CA27,03911010%
Danvers, MA27,07514545%
Source: The Danvers, MA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.