Get & compare mortgage quotes anonymously Start in My Home

Safe Rate Local

Cost of Living in Danvers

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

← Back to Danvers Hub

Rent vs. Buy Affordability Calculator

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

$99,100
$1,254/mo

Median in area: $1,254

$216,000

Median in area: $216,000

$43,200

If you Rent

🔑
$1,516 /mo
Base Rent$1,254
Est. Utilities$262
% of Income18.4%
Pre-tax Residual$6,742

If you Buy

🏠
$1,869 /mo
P&I (6.959%)$1,145
Taxes & Ins$462
Est. Utilities$262
% of Income22.6%
Pre-tax Residual$6,389

Cost of Living FAQs

Is it cheaper to rent or buy in Danvers?›

Based on median housing data, renting is currently more affordable on a monthly basis in Danvers. The estimated all-in monthly cost for renting is $1,516, while owning a median-priced home with a 20% down payment is roughly $1,869 per month (a difference of $353).

How much do utilities cost in Danvers?›

The average monthly utility cost (electricity and natural gas) for a typical home in Danvers is approximately $262. This estimate uses local utility rate schedules combined with median energy consumption profiles.

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

To comfortably afford the median rent and utilities in Danvers without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $60,640 per year.