Wakefield 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.
IndexWakefieldMassachusettsNational
Cost of living index148130100
IndexWakefieldMassachusettsNational
Goods & Services index127111100
Groceries index108113100
Health care index124111100
Housing index200167100
Transportation index116117100
Utilities index156126100
Here we can see a simple outline of the cost of living in Wakefield, MA. As you can see, with the average cost of living in Wakefield, MA being 148, that puts it 14% higher than the average of Massachusetts and 48% higher than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Wakefield, MA, the price of goods and services are 15% higher than the average of Massachusetts as well as 27% higher than the nation's average.

Did you know?

  • The cost of living in Wakefield is 14% higher than the Massachusetts average.
  • The cost of living in Wakefield is 48% higher than the national average.
  • The cost of housing in Wakefield is 100% 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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Compare Wakefield, MA Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Wakefield, 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 Wakefield, MA, then you would need to earn more income in order to maintain the same standard of living. To use the Wakefield, 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$103,934$8,661$2,425$3,118
Renters$50,259$4,188$1,173$1,508
If you want to find a good determining factor for the cost of living and the general affordability of housing in Wakefield, 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 Wakefield, MA, the median monthly income is $103,934 for those who own their own homes. Under the standard rule, that income level would allow for $2,425 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $50,259, per the median income in the area. That would allow for renters to spend up to $1,173 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%
When you are determining the total cost of living in Wakefield, MA you will want to make sure you consider both the Massachusetts sales tax and the Massachusetts income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Massachusetts is 6.25%, with the highest surtax being 6.25%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Massachusetts have a range from 5.15% to 5.15%.

Goods & Services

ItemWakefieldNational avg.Difference
Haircut $19.67$14.5934.8%
Beauty Salon $54.00$34.6855.7%
Toothpaste $2.54$2.472.7%
Shampoo $1.00$1.022.2%
Movie $11.69$9.8718.5%
Bowling $5.75$4.3930.9%

Groceries

ItemWakefieldNational avg.Difference
Ground Beef $4.49$4.480.3%
Fried Chicken $1.67$1.4614.1%
Milk $2.29$2.362.8%
Potatoes $3.29$3.067.5%
Pizza $10.00$9.248.2%
Beer $8.99$8.634.1%

Health Care

ItemWakefieldNational avg.Difference
Optometrist $113.50$99.7813.8%
Doctor $151.00$105.0343.8%
Dentist $115.00$88.7029.6%
Ibuprofen $9.74$9.413.5%
Lipitor $310.83$298.504.1%

Housing

ItemWakefieldNational avg.Difference
Home Price $406,600.00$175,700.00131.4%
Avg. Mortgage Payment $1,761.00$1,081.0362.9%
Apartment Rent $1,179.00$920.0028.2%

Transportation

ItemWakefieldNational avg.Difference
Gasoline $2.35$2.0912.3%
Tire Balancing $57.29$45.2926.5%

Utilities

ItemWakefieldNational avg.Difference
All Electricity$292.18$170.8071.1%
Phone $38.25$28.2635.4%
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, MA77,36412323%
Lowell, MA108,49112525%
Lynn, MA91,28912828%
Chelsea, MA37,08413131%
Salem, MA42,32113535%
Wakefield, MA25,83514848%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Green, OH25,83598-2%
Lafayette, CO25,81211414%
Wasco, CA25,86595-5%
Lochearn, MD25,8881033%
Greenville, TX25,89293-7%
Wakefield, MA25,83514848%
Source: The Wakefield, MA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.