Wakefield, MA Cost Of Living
Cost Of Living In Wakefield, MA Summary
Cost of living in Wakefield research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Wakefield is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Massachusetts, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Wakefield is 163, with 100 being the average.
The cost of living index in Wakefield is 1.6x higher than the national average.
Wakefield ranks as the #85 cheapest in Massachusetts out of 112.
Wakefield ranks as the #5,948 cheapest out of 6,489 in the US.
The median home value in Wakefield is $797,630.
The median income in Wakefield is $130,320.
Table Of Contents
Wakefield's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Wakefield, MA?
According to the most recent data on the cost of living, Wakefield has an overall cost of living index of 163, which is 1.6x higher than the national index of 100.
Compared to Massachusetts, Wakefield has a cost of living index that's 1.2x higher than Massachusetts's index of 134.
The standard of living in Wakefield ranks as #85 most affordable out of the 112 places we measured in Massachusetts. By definition, that implies Wakefield ranks as the #27 most expensive place in the Bay State.
For more reading on life in Wakefield, check out:
In Massachusetts
In America
Wakefield Cost Of Living Vs. Massachusetts
Six factors go into calculating the cost of living index in Wakefield. Here is how it fairs on each of the criteria:
The Services index in Wakefield is 123.
The Groceries index in Wakefield is 106.
The Health index in Wakefield is 112.
The Housing index in Wakefield is 260.
The Transportation index in Wakefield is 117.
The Utilities index in Wakefield is 136.
| Living Expense | Wakefield | Massachusetts | National Average | |
|---|---|---|---|---|
| Overall | 163 | 134 | 100 | |
| Services | 123 | 121 | 100 | |
| Groceries | 106 | 106 | 100 | |
| Health | 112 | 112 | 100 | |
| Housing | 260 | 164 | 100 | |
| Transportation | 117 | 120 | 100 | |
| Utilities | 136 | 136 | 100 | |
Wakefield, MA Housing Cost Breakdown
Housing swings affordability the most between places in Massachusetts, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Wakefield is $797,630.
The Median Rent in Wakefield is $1,872.
The Median Income in Wakefield is $130,320.
The Home Value To Income in Wakefield is 6.1x.
The Rent To Monthly Income in Wakefield is 0.17x.
| Statistic | Wakefield | Massachusetts | United States |
|---|---|---|---|
| Median Home Value | $797,630 | $649,115 | $303,400 |
| Median Rent | $1,872 | $1,687 | $1,348 |
| Median Income | $130,320 | $101,341 | $78,538 |
| Home Value To Income | 6.1x | 6.4x | 3.9x |
| Rent To Monthly Income | 0.17x | 0.2x | 0.21x |
Median Home Value
Median Rent
Median Income
Wakefield, MA Costs By Category
Detailed Wakefield Services Costs Vs. Massachusetts
| Item | Wakefield | Massachusetts |
|---|---|---|
| Shampoo | $1.49 | $1.28 |
| Movie | $15.49 | $12.13 |
| Bowling | $29.33 | $18 |
| Haircut | $43.72 | $24.26 |
| Beauty Salon | $65.56 | $45.56 |
Detailed Wakefield Groceries Costs Vs. Massachusetts
| Item | Wakefield | Massachusetts |
|---|---|---|
| Ground Beef | $5.48 | $5.84 |
| Fried Chicken | $1.45 | $1.57 |
| Milk | $4.76 | $4.67 |
| Potatoes | $4.99 | $4.93 |
| Pizza | $12.52 | $12.09 |
| Beer | $10.21 | $10.41 |
| Toothpaste | $3.53 | $3.7 |
Detailed Wakefield Health Costs Vs. Massachusetts
| Item | Wakefield | Massachusetts |
|---|---|---|
| Optometrist | $123.17 | $125.68 |
| Doctor | $157.89 | $135.78 |
| Dentist | $149.22 | $113.29 |
Detailed Wakefield Transportation Costs Vs. Massachusetts
| Item | Wakefield | Massachusetts |
|---|---|---|
| Gasoline | $3.43 | $3.46 |
| Tire Balancing | $97.39 | $59.92 |
Detailed Wakefield Utilities Costs Vs. Massachusetts
| Item | Wakefield | Massachusetts |
|---|---|---|
| All Electricity | $302.72 | $193.99 |
| Phone | $187.85 | $192.25 |
Wakefield SnackAbility
/10
Cost Of Living In Cities Around Wakefield
The cost of living varies in the cities and towns around Wakefield. Here's a quick look at the cost of living in the most populous nearby places:
Lynn, MA has a cost of living index of 137, 0.8x Wakefield.
Newton, MA has a cost of living index of 208, 1.3x Wakefield.
Malden, MA has a cost of living index of 150, 0.9x Wakefield.
| City | Population | Cost Of Living | Vs. Wakefield |
|---|---|---|---|
| Lynn, MA | 100,905 | 137 | 0.8x |
| Newton, MA | 88,504 | 208 | 1.3x |
| Malden, MA | 65,509 | 150 | 0.9x |
| Brookline, MA | 62,822 | 221 | 1.4x |
| Peabody, MA | 54,180 | 146 | 0.9x |
| Woburn, MA | 41,205 | 154 | 0.9x |
| Lexington, MA | 34,085 | 211 | 1.3x |
| Needham, MA | 32,059 | 202 | 1.2x |
| Wellesley, MA | 29,906 | 243 | 1.5x |
| Melrose, MA | 29,488 | 166 | 1.0x |
