Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Essex County | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $486,522 | $478,681 | $242,182 |
| Price Trend (Annual %) | 8.4% | 7.0% | 8.2% |
| Median Gross Rent | $1,673 | $1,687 | $1,342 |
| Rent Trend (Annual %) | 6.2% | 5.9% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Essex County is about 2% higher than in Massachusetts. Rent is about 1% lower than the Massachusetts average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Essex County, up about 8.4% and 6.2% a year respectively. Home prices are changing faster.
Median rent in Essex County rose about 55.5% between 2015 and 2023, from $1,076 to $1,673. Over the same span, rent in Massachusetts rose about 53.1%.
Affordability
On average, housing unit costs 4.9 yearly household incomes in Essex County.
Buying the median-priced home in Essex County costs roughly 24.2 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Essex County. The price-to-rent ratio in Massachusetts is about 23.6.
| Metric | Essex County | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $486,522 | $478,681 | $242,182 |
| Median Household Income | $99,515 | $101,501 | $78,145 |
| Price-to-Income Ratio | 4.9 | 4.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Essex County rose about 74.0%, while median household income rose about 53.3% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Essex County | Massachusetts Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.7% | 57.4% | 58.2% |
| Rental Rate | 34.2% | 34.3% | 31.3% |
| Vacancy Rate | 5.1% | 8.4% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Essex County has a homeownership rate of 60.7%, higher than the Massachusetts average of 57.4%. Its housing vacancy rate is 5.1%, compared with 8.4% in Massachusetts.
Housing Stock
| Metric | Essex County | Massachusetts Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.54 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1961 | 1962 | 1978 |
| Median Number of Rooms | 5.6 | 5.5 | 5.5 |
The typical housing unit in Essex County was built around 1961. On average, 2.5 people live in a home with about 5.6 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Essex County, Massachusetts.
What is the median home price in Essex County, Massachusetts?
The median home price in Essex County, Massachusetts is $486,522, higher than the Massachusetts average of $478,681.
What is the average home price in Essex County, Massachusetts?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Essex County, Massachusetts?
The median gross rent in Essex County, Massachusetts is $1,673 per month, lower than the Massachusetts average of $1,687.
What was the median gross rent in Essex County in 2020?
In 2020, the median gross rent in Essex County, Massachusetts was $1,298 per month.
What is the price-to-rent ratio in Essex County, Massachusetts?
The price-to-rent ratio in Essex County, Massachusetts is about 24.2, meaning it would take roughly 24.2 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Essex County.
Are home prices or rent rising faster in Essex County, Massachusetts?
Both home prices and rent are rising in Essex County, up about 8.4% and 6.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Essex County, Massachusetts?
60.7% of households in Essex County, Massachusetts own their home, higher than the Massachusetts average of 57.4%.
What is the vacancy rate in Essex County, Massachusetts?
The housing vacancy rate in Essex County, Massachusetts is 5.1%, lower than the Massachusetts average of 8.4%.