Peabody, MA vs Springfield, MA

The cost of living difference between Peabody, MA and Springfield, MA is dramatic. Springfield is 65.3% cheaper than Peabody, a gap that translates to thousands of dollars per year in household expenses. Peabody has a cost index of 143 while Springfield sits at 86, making this one of the more striking comparisons on our site. Relocating between these cities would require a serious reassessment of budget and lifestyle expectations.

On the housing front, median rent in Peabody is $1,902/month compared to $1,114/month in Springfield — a 71% difference. Home values follow the same pattern: Springfield is more affordable at $222,700 median vs $566,200.

Median household income in Peabody is $95,278 compared to $51,339 in Springfield (+85.6%). While Peabody is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Peabody spend roughly 24% of their income on rent, less than the 26% in Springfield.

Climate-wise, both cities share similar average temperatures (49.9°F vs 49.4°F). Springfield receives more rainfall at 45.2" per year compared to 44.9" in Peabody.