Peabody, Massachusetts Income Statistics
Peabody Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
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B
Peabody Around average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Peabody | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Household Income | $96,166 | $104,336 | $80,455 |
| Median Personal Income | $75,119 | $80,230 | $60,758 |
| Average Yearly Income Growth | 5.3% | 4.9% | 4.8% |
| Six-Figure Earners | 16.7% | 20.6% | 13.9% |
| $200k+ Households | 17.0% | 22.3% | 13.2% |
The median household income in Peabody is about 8% lower than in Massachusetts. Income has been growing faster in Peabody (5.3%/yr) than in Massachusetts (4.9%/yr).
About 17% of adults in Peabody earn six figures ($100,000 or more) a year, lower than the Massachusetts average of 21%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Peabody, Massachusetts grew by 48.4% from 2009 to 2024, reaching $96,166 in 2024. That's an average of about 5.3% per year.
Income Inequality and the Gender Pay Gap in Peabody
| Metric | Peabody | Massachusetts Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.497 | 0.531 | 0.552 |
| Male Median Income | $87,051 | $90,842 | $69,667 |
| Female Median Income | $70,503 | $75,629 | $56,850 |
| Gender Pay Gap | 19.0% | 16.7% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Peabody, it is 0.497, lower than Massachusetts's 0.531, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 23% more than women's income in Peabody, Massachusetts. Over a 35-year career, a 23% wage gap accumulates to roughly $579,180 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Peabody, Massachusetts has narrowed from about 24% to 19% in 2024. Over that period the gap was narrowest at 17% in 2011. In dollar terms, the gap has widened by $2,360 since 2009.
Employment
| Metric | Peabody | Massachusetts Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.9% | 5.1% | 5.2% |
| Working from Home | 10.3% | 18.6% | 15.0% |
| Commute time (minutes) | 22 | 25 | 22 |
Approximately 1,451 people are unemployed in Peabody, Massachusetts.
The average commute time in Peabody is 22 minutes, shorter than the 25 minutes in Massachusetts.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Peabody, Massachusetts has fallen from 7.1% to 4.9% in 2024. Over that period the rate fell as low as 4.0% in 2019.
Peabody, MA Wealth Compared With Nearby Cities
Peabody, MA is the 2nd largest of the 5 cities compared here, 54,686 residents against a local median of 28,438. Where Peabody, MA breaks from the cities next to it is median household income, sitting 16% below the local median of $113,959 at $96,166. That is the weaker end of the local range on this measure.
The cities themselves spread $61,377 on median household income, so Peabody, MA sits at one end of an already wide local range rather than apart from it. Peabody, MA has the 4th highest median household income of the 5 areas compared here.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Peabody, MA | 54,686 | $96,166 #4/5 | 5.3%/yr #2/5 | 4.9% #4/5 | 0.497 #3/5 |
| Danvers, MA | 28,103 | $125,461 | 6.0%/yr | 4.7% | 0.491 |
| Lynn, MA | 101,709 | $75,052 | 5.0%/yr | 5.0% | 0.543 |
| Saugus, MA | 28,773 | $102,456 | 3.0%/yr | 3.8% | 0.513 |
| Wakefield, MA | 27,739 | $136,429 | 5.2%/yr | 4.4% | 0.473 |
Conclusion
Considering all these factors, Peabody, Massachusetts has an overall wealth index grade of B, making it about on par with Massachusetts, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Peabody, Massachusetts.
How Rich Is Peabody, Massachusetts?
Peabody has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $96,166, about 8% lower than the Massachusetts average of $104,336.
Are incomes growing in Peabody, Massachusetts?
Between 2009 and 2024, the median household income in Peabody, Massachusetts rose 48%, from $64,815 to $96,166. Over the same years, income here lagged behind Massachusetts as a whole: +48% against +61%.
What was the median household income in Peabody in 2023?
In 2023, the median household income in Peabody, Massachusetts was $95,210, up 5% from $90,946 in 2022. The Massachusetts median that year was $101,513.
What was the median household income in Peabody in 2020?
In 2020, the median household income in Peabody, Massachusetts was $80,502. By 2024 it had risen 19% to $96,166.
What is the Gini coefficient in Peabody, Massachusetts?
The Gini coefficient in Peabody is 0.497. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Peabody, Massachusetts?
Since 2009, the income gap between men and women in Peabody, Massachusetts has narrowed from about 24% to 19% in 2024. Over that period the gap was narrowest at 17% in 2011. In dollar terms, the gap has widened by $2,360 since 2009.
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