Cost of Living in Wakefield, MA
Population 27,284 · Massachusetts · Data vintage 2023
(100 = US avg)
Wakefield's housing market reflects its status as a high-earning metro: $670,000 for a typical home, 120% above the US median, paired with household incomes around $130,320 that put it in the upper third of the state.
Wakefield sits roughly 6 miles west of Lynn — close enough that regional housing and labor patterns are shaped largely by the larger market. Median home values run roughly 42% higher than Lynn's $473,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Wakefield
The median home value in Wakefield is $670,100 — 120% above the national median of $305,000. Median rent runs $1,872/month, 42% higher than the national median of $1,314/month. The median household income of $130,320/year is 75% higher than the US median of $74,580. The local unemployment rate is 4.5%, below the national average of 4.8%. Massachusetts's top state income tax rate is 9.0% and the combined sales tax is 6.3%. Overall, Wakefield has a cost of living index of 189 versus the US average of 100, meaning it is 89% more expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Wakefield, MA?
Wakefield has a cost index of 189 (100 = national average). It is 89% above the national average.
What is average rent in Wakefield, MA?
The median gross rent in Wakefield is $1,872 per month based on 2023 Census data.
What is the average home price in Wakefield?
The median home value in Wakefield is $670,100 according to Zillow and Census data.
What is the median income in Wakefield?
The median household income in Wakefield is $130,320 per year (2023 ACS 5-year estimates).
What is the sales tax in Wakefield, MA?
The combined state and local sales tax rate in Wakefield is 6.3%. The Massachusetts state income tax top rate is 9.0%.
Is Wakefield, MA affordable?
Wakefield is above average in cost of living, with an index of 189 — about 89% higher than the national average.
Wakefield at a Glance
- Population
- 27,284
- Median Income
- $130,320
- Home Value
- $670,100
- Median Rent
- $1,872/mo
- Unemployment
- 4.5%
- Sales Tax
- 6.3%
Nearby Cities
Explore county-level cost of living data
Massachusetts Rankings
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