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These days, finding an affordable place to live in the Gloucester area can be challenging. Home prices in Gloucester are now at a median cost of $589,751, lower than the Massachusetts average of $625,090.
The average cost of rent is $1,338/mo in Gloucester, primarily driven by the current value of real estate in the Gloucester area. In Gloucester, 36.05% of households rent, and 30.24% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Gloucester is $7,551 per month. Households that rent pay about 17.71% of their income on rent here. Gloucester’s most expensive areas are in the southeastern regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Rockport, MA: higher priced homes
- South Essex, MA: higher priced homes
- Manchester, MA: higher priced homes
- Essex, MA: higher priced homes
- Little Neck, MA: higher priced homes
- Manchester-By-The-Sea, MA: higher priced homes
- South Hamilton, MA: higher priced homes
- Ipswich, MA: higher priced homes
- Wenham, MA: higher priced homes
- Beverly, MA: higher priced homes
Cities with Similar Populations
- Webster, TX: less expensive homes
- Corbin, KY: less expensive homes
- Dade City, FL: less expensive homes
- Davison, MI: less expensive homes
- Deer Park, NY: equally priced homes
- Derby, KS: less expensive homes
- Edwardsville, IL: less expensive homes
- Forest Grove, OR: less expensive homes
- Fridley, MN: less expensive homes
- Gainesville, VA: higher priced homes
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