Cost of Living in Beverly, MA

With a cost of living index of 141, Beverly, MA is one of the most expensive cities in the United States. Living here is 41% more expensive than the national average and 11% above the Massachusetts state average of 129. With a population of 42,408, Beverly is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in Beverly's cost of living. The median monthly rent is $1,683 (28% above the US median of $1,319), and the median home value sits at $621,900 (104% above the national median of $304,900). At current prices, the median home costs roughly 6x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Beverly is $103,739, which is 38% higher than the national median of $75,149. Residents spend roughly 19% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they do not fully offset the higher cost of living.

Climate is another factor for anyone considering a move to Beverly. The area sees an average annual temperature of 49.9°F, with summers averaging 70°F and winters around 30°F. Annual rainfall totals 44.9 inches spread over roughly 138 days.

Everyday prices in the Boston-Cambridge-Newton, MA-NH (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 6 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.