BPN

🦞

Gloucester

50 min to Boston
"North Shore fishing heritage with coastal charm and character"
Median Price
$594,262
$420/sqft
School Rating
7/10
Good
Appreciation
3.2%
per year
Commute
50 min
to downtown

Financing Considerations

Properties in Gloucester typically typically qualify for conforming loans with more flexible underwriting standards.

Learn about loan thresholds, property condition impact, flood/wind insurance, and how vintage homes (common in many MA towns) affect mortgage approval.

✨The Vibe

Historic North Shore fishing city with coastal charm, arts scene, and unique character

What It's Really Like

Gloucester is North Shore coastal—fishing heritage, arts scene, historic charm, and residents who chose character over convenience.

Best For

  • ✓Coastal living seekers
  • ✓Arts enthusiasts
  • ✓Historic home lovers
  • ✓Character seekers

Avoid If

  • ✗You need quick Boston access
  • ✗You want luxury amenities
  • ✗You prefer suburban living

🌟Highlights

🦞Historic fishing heritage
🏖️Beautiful coastal setting
🎨Vibrant arts community
🏛️Historic downtown with character

Insider Tips

  • 💡Waterfront areas are most desirable
  • 💡Arts scene is very active
  • 💡Historic homes need maintenance

Demographics

Population
29,524
Median Age
49.8
Median Income
$110,853

Economic Profile

Remote Work
9.5%
work from home
Professional Workers
41.6%
knowledge economy
Broadband Access
89.1%
digital infrastructure
Median Commute
26 min
to work
Rental Cost Burden
52.4%
pay >30% on rent
Homeownership
61.4%
owner-occupied
Poverty Rate
10.8%
below poverty line
Unemployment
5.8%
of labor force
Median Home Value
$535K
Census estimate
Data source: Census ACS 2022 5-year

Religious Community

Places of Worship
11
Churches
9
Synagogues
2
🌟 Multi-faith community with diverse religious traditions(Diversity Score: 43/100)
Historical Context: Oldest establishment dates to 1713• 6 established before 1900
Data Source: MassGIS 2025 (Updated 2025-02-03)

Housing Stock Age

Median Year Built
1948
77 years old
Pre-1940 Construction
17.3%
Lower risk
Post-2000 Construction
17.9%
Modern housing stock
Est. Annual Insurance
$2,800
Based on housing age

High Insurance Risk

Gloucester has a high concentration of pre-1940 homes (17.3%). Insurance premiums may be significantly higher ($2,800-$4,000+/year) and some carriers may decline coverage. Budget for potential remediation costs (knob-and-tube wiring, asbestos, lead paint).

Insurance Cost Calculator

Estimate your annual homeowners insurance premium

$297,131$594,262$1,188,524

Leave blank to use town median (1948)

Annual Premium
$3,500
$292/month
vs. State Average
+74%
MA avg: $2,008/year
Risk Category
VERY HIGH
Based on home age

30-Year Mortgage Impact

$105,000

Total insurance cost over 30-year mortgage (equivalent to 0.6% of home value)

Age Penalty

This home costs $1,889 more per year to insure than a newly built home. Over 30 years, that's $56,670 in additional insurance costs.

Ways to Lower Your Premium

  • Bundle home + auto insurance with same carrier (10-25% discount)
  • Increase deductible from $500 to $2,500 (save 15-30%)
  • Install monitored security system (5-20% discount)
  • Update electrical panel and remove knob-and-tube wiring
  • Replace roof with impact-resistant materials (save 5-15%)
  • Upgrade plumbing to PEX or copper
  • Complete full home inspection and address major issues
  • Consider MAPFRE or Chubb for historic home coverage
  • Shop quotes from 5-6 carriers (rates vary significantly)
  • Ask about claims-free discount (5-year history)

* Estimates based on Massachusetts state averages and typical underwriting criteria. Actual premiums vary by carrier, coverage limits, deductible, claims history, and credit score. For accurate quotes, contact a licensed insurance agent.

Construction Era Distribution

2020+
120 units
2010-2019
6.5%
880 units
2000-2009
10.7%
1,450 units
1990-1999
12.5%
1,700 units
1980-1989
14%
1,900 units
1970-1979
15.4%
2,100 units
1960-1969
14.7%
2,000 units
1950-1959
12.9%
1,750 units
1940-1949
9.9%
1,350 units
Pre-1940
17.3%
2,350 units
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Resources & Research

School Information

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Market Analysis

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Break-even math, SALT cap impacts & decision framework for Boston buyers

Insurance & Risk

MA Insurance Crisis Guide →

Why coastal & historic homes face coverage denials (+ FAIR Plan rules)

Home Buying Terms

Real Estate Glossary →

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View All Market Guides & Analysis →

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