| Index | Wakefield | Massachusetts | National |
| Cost of living | 158 | 131 | 100 |
| Groceries | 108 | 109 | 100 |
| Health care | 116 | 116 | 100 |
| Housing | 262 | 169 | 100 |
| Transportation | 112 | 115 | 100 |
| Utilities | 115 | 117 | 100 |
| Lifestyle & Entertainment | 116 | 115 | 100 |
| Household Items | 107 | 109 | 100 |
| Education & Childcare | 122 | 127 | 100 |
Are you thinking about relocating, but curious about the potential cost of living in Wakefield? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Wakefield stands at 158, making it 58% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
If you prioritize affordability when seeking a new place to live, Wakefield may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Wakefield falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs are a major factor in the Wakefield cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 162% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.
Is Wakefield affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Wakefield, for instance, where the median home price falls 205.1% higher than the national average, and monthly rent rates are 61.3% higher than usual. Additionally, median income levels contribute to the equation, with Wakefield flaunting a median household income of $155,036, 90.6% higher than the national norm.
Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Wakefield comes in at 15.3% higher than the national average.
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Wakefield, the healthcare costs are 15.9% higher than the national average.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Wakefield, the transportation index is 12.4% higher than the national average.
The cost of living data for Wakefield shown above is based on a U.S. average baseline score of 100, making it easier to compare how far your dollar may go from one city to another. Housing uses U.S. Census home price and rental data, while all remaining values are AI-assisted estimates informed by regional pricing, climate, transportation dynamics, and local economic factors. These scores are best used for directional comparisons between cities.
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| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $194,588 | $16,216 | $4,540 | $5,838 |
| Renters | $99,481 | $8,290 | $2,321 | $2,985 |
| State | General Sales Tax | With Max Surtax |
| Massachusetts | 6.25% | 6.25% |
| State | Income Tax (Low) | Income Tax (High) |
| Massachusetts | 5% | 9% |
| City | Population | Cost of Living Index | National Avg. |
| Lawrence, MA | 82,025 | 125 | 25.4% |
| Lowell, MA | 114,170 | 126 | 25.9% |
| Lynn, MA | 97,235 | 134 | 34.4% |
| Salem, MA | 44,881 | 135 | 35.3% |
| Chelsea, MA | 41,000 | 135 | 35.2% |
| Wakefield, MA | 28,061 | 158 | 57.8% |
| City | Population | Cost of Living Index | National Avg. |
| Lake Jackson, TX | 28,060 | 103 | 3.5% |
| Glen Cove, NY | 28,057 | 156 | 55.9% |
| Plum, PA | 28,078 | 99 | 1.5% |
| Citrus Park, FL | 28,085 | 117 | 17.4% |
| Belmont, CA | 28,035 | 284 | 184.4% |
| Wakefield, MA | 28,061 | 158 | 57.8% |
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