BPN

🏪

Peabody

28 min to Boston
"North Shore value with leather history and mall sprawl"
Median Price
$638,500
$395/sqft
School Rating
6.8/10
Good
Appreciation
4.5%
per year
Commute
28 min
to downtown

Financing Considerations

Properties in Peabody 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

Working-class North Shore city with honest prices and solid community feel

What It's Really Like

Peabody (say it: PEE-b'dee) was the leather capital of the world. Now it's solid middle-class North Shore with space, affordability, and zero pretense—real families, real life.

Best For

  • ✓First-time buyers wanting North Shore affordability
  • ✓Families seeking space and backyards
  • ✓North Shore workers avoiding Salem tourist crush
  • ✓Value seekers who don't need prestige

Avoid If

  • ✗You need top schools or walkability
  • ✗You want coastal/beach access
  • ✗You hate suburban sprawl

🌟Highlights

💰Most affordable North Shore with decent schools
🏬Northshore Mall and retail corridor
🚂Commuter rail to North Station
🏘️Actual single-family homes with yards

Insider Tips

  • 💡West Peabody near Lynnfield border is nicest
  • 💡Route 128 access is excellent for commuters
  • 💡Say "PEE-b'dee" not "PEA-body" or you'll get corrected

Demographics

Population
54,095
Median Age
47.5
Median Income
$116,767

Economic Profile

Remote Work
6.3%
work from home
Professional Workers
41.1%
knowledge economy
Broadband Access
88.3%
digital infrastructure
Median Commute
27 min
to work
Rental Cost Burden
54.8%
pay >30% on rent
Homeownership
65.5%
owner-occupied
Poverty Rate
7.0%
below poverty line
Unemployment
4.4%
of labor force
Median Home Value
$508K
Census estimate
Data source: Census ACS 2022 5-year

Religious Community

Places of Worship
14
Churches
9
Synagogues
5
🌟 Multi-faith community with diverse religious traditions(Diversity Score: 59/100)
Historical Context: Oldest establishment dates to 1871• 1 established before 1900
Data Source: MassGIS 2025 (Updated 2025-02-03)

Housing Stock Age

Median Year Built
1952
73 years old
Pre-1940 Construction
6.4%
Lower risk
Post-2000 Construction
19.3%
Modern housing stock
Est. Annual Insurance
$2,505
Based on housing age

Moderate Insurance Risk

Median home built in 1952. Insurance premiums estimated at $2,505/year. Some older homes may require system updates (electrical, plumbing, HVAC).

Insurance Cost Calculator

Estimate your annual homeowners insurance premium

$319,250$638,500$1,277,000

Leave blank to use town median (1952)

Annual Premium
$2,505
$209/month
vs. State Average
+25%
MA avg: $2,008/year
Risk Category
HIGH
Based on home age

30-Year Mortgage Impact

$75,150

Total insurance cost over 30-year mortgage (equivalent to 0.4% of home value)

Age Penalty

This home costs $894 more per year to insure than a newly built home. Over 30 years, that's $26,820 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+
200 units
2010-2019
6.9%
1,550 units
2000-2009
11.6%
2,600 units
1990-1999
13.6%
3,050 units
1980-1989
15.1%
3,400 units
1970-1979
17.1%
3,850 units
1960-1969
15.8%
3,550 units
1950-1959
12.9%
2,900 units
1940-1949
8.7%
1,950 units
Pre-1940
6.4%
1,450 units
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Resources & Research

School Information

Boston Area School Rankings →

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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 →

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Home Buying Terms

Real Estate Glossary →

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View All Market Guides & Analysis →

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