Peabody, MA is a city located in Essex County boasting a historic charm with modern amenities and vibrant culture. Home to several large companies such as General Electric, Siemens, and Polaroid, Peabody offers attractive job opportunities for its residents. The median two bedroom apartment rent in Peabody is $2,310 which is slightly more expensive than the national median of $1,430 for two bedroom apartments. Additionally, the Grocery Cost Index in Peabody is 109 versus 100 for the US overall indicating that groceries may be more expensive here than other parts of the country. In conclusion, Peabody offers attractive job opportunities combined with higher than average rental costs and grocery prices which should be factored into budgeting when deciding whether to move here or not.
Peabody has an unemployment rate of 6.5%. The US average is 6.0%.
Peabody has seen the job market increase by 3.0% over the last year. Future job growth over the next ten years is predicted to be 35.6%, which is higher than the US average of 33.5%.
Tax Rates for Peabody
- The Sales Tax Rate for Peabody is 6.3%. The US average is 7.3%.
- The Income Tax Rate for Peabody is 5.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Peabody
- The average income of a Peabody resident is $34,316 a year. The US average is $28,555 a year.
- The Median household income of a Peabody resident is $83,570 a year. The US average is $69,021 a year.