| Index | Beverly | Massachusetts | National |
| Cost of living | 146 | 131 | 100 |
| Groceries | 109 | 109 | 100 |
| Health care | 114 | 116 | 100 |
| Housing | 222 | 169 | 100 |
| Transportation | 111 | 115 | 100 |
| Utilities | 118 | 117 | 100 |
| Lifestyle & Entertainment | 114 | 115 | 100 |
| Household Items | 106 | 109 | 100 |
| Education & Childcare | 121 | 127 | 100 |
Getting a feel for the cost of living in Beverly is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Beverly is 146, which is 46% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
If you value affordability in your search for a new place to live, Beverly may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Beverly falls into this category, which may not align with your desire for an affordable place to call home.
Housing costs make up a big chunk of the cost of living in Beverly, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 121.9% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.
Is Beverly affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Beverly, the median home price is 158.8% higher than the national average and monthly rent prices are 35.9% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Beverly boasting a median household income of $123,294, 51.6% higher than the national average.
Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.
Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Beverly, the transportation index is 11.2% higher than the national average.
Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Beverly, the utilities index registers at 18.3% higher than the national average.
The Beverly cost of living estimates above use a normalized U.S. average of 100 as the baseline for comparison. Housing values incorporate local home price and rental information from the U.S. Census, while all other estimates are AI-assisted and modeled using expected everyday expenses, local market trends, climate, and transportation-related cost pressures. The results are intended for practical city-to-city comparisons.
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| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $185,432 | $15,453 | $4,326 | $5,564 |
| Renters | $53,948 | $4,496 | $1,259 | $1,619 |
| State | General Sales Tax | With Max Surtax |
| Massachusetts | 6.25% | 6.25% |
| State | Income Tax (Low) | Income Tax (High) |
| Massachusetts | 5% | 9% |
| City | Population | Cost of Living Index | National Avg. |
| Lynn, MA | 97,235 | 134 | 34.4% |
| Salem, MA | 44,881 | 135 | 35.3% |
| Chelsea, MA | 41,000 | 135 | 35.2% |
| Saugus, MA | 29,084 | 139 | 38.9% |
| Revere, MA | 54,523 | 139 | 39.0% |
| Beverly, MA | 43,236 | 146 | 45.6% |
| City | Population | Cost of Living Index | National Avg. |
| Odenton, MD | 43,210 | 133 | 32.9% |
| Rouyn-Noranda, QC | 43,276 | n/a | |
| Pine Bluff, AR | 43,193 | 82 | 18.3% |
| Oakley, CA | 43,283 | 151 | 50.6% |
| Huntsville, TX | 43,308 | 97 | 3.3% |
| Beverly, MA | 43,236 | 146 | 45.6% |
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