| Index | Gloucester | Massachusetts | National |
| Cost of living | 139 | 131 | 100 |
| Groceries | 106 | 109 | 100 |
| Health care | 112 | 116 | 100 |
| Housing | 203 | 169 | 100 |
| Transportation | 115 | 115 | 100 |
| Utilities | 113 | 117 | 100 |
| Lifestyle & Entertainment | 113 | 115 | 100 |
| Household Items | 107 | 109 | 100 |
| Education & Childcare | 119 | 127 | 100 |
Knowing the cost of living in Gloucester 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 Gloucester stands at 139, marking it 39% higher than the national average.
If you value affordability in your search for a new place to live, Gloucester 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, Gloucester falls into this category, which may not align with your desire for an affordable place to call home.
Housing costs are a major factor in the Gloucester cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 102.9% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Locals have the inside scoop on their city. So, we polled 5 residents in Gloucester to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 0% find it reasonable with decreasing prices, but 100% think it's quite pricey, with prices that continue to rise.
Is Gloucester an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Gloucester, the median home price is 135% higher than what most folks pay across the country, and monthly rent prices are 28.1% higher than the usual rates. Income levels in Gloucester come in at $111,681, which is 37.3% 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.
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Gloucester, is 102.9% higher than the national average.
Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.
The Gloucester cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $148,761 | $12,397 | $3,471 | $4,463 |
| Renters | $62,597 | $5,216 | $1,460 | $1,878 |
| 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% |
| Salisbury, MA | 5,226 | 135 | 35.4% |
| Ipswich, MA | 4,988 | 139 | 39.4% |
| Peabody, MA | 54,577 | 141 | 40.8% |
| Gloucester, MA | 31,315 | 139 | 39.0% |
| City | Population | Cost of Living Index | National Avg. |
| Lawrenceville, GA | 31,316 | 100 | 0.3% |
| Grimsby, ON | 31,320 | n/a | |
| Eldersburg, MD | 31,301 | 134 | 33.5% |
| Elizabethtown, KY | 31,333 | 95 | 4.7% |
| Opelika, AL | 31,335 | 92 | 7.6% |
| Gloucester, MA | 31,315 | 139 | 39.0% |
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