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Cost of Living in Beverly

Is it better to rent or buy in Beverly? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$91,378
$1,054/mo

Median in area: $1,054

$183,000

Median in area: $183,000

$36,600

If you Rent

🔑
$1,397 /mo
Base Rent$1,054
Est. Utilities$343
% of Income18.3%
Pre-tax Residual$6,218

If you Buy

🏠
$1,571 /mo
P&I (6.994%)$973
Taxes & Ins$255
Est. Utilities$343
% of Income20.6%
Pre-tax Residual$6,043

Cost of Living FAQs

Is it cheaper to rent or buy in Beverly?›

Based on median housing data, renting is currently more affordable on a monthly basis in Beverly. The estimated all-in monthly cost for renting is $1,397, while owning a median-priced home with a 20% down payment is roughly $1,571 per month (a difference of $174).

How much do utilities cost in Beverly?›

The average monthly utility cost (electricity and natural gas) for a typical home in Beverly is approximately $343. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Beverly?›

To comfortably afford the median rent and utilities in Beverly without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $55,880 per year.