Quick facts: Essex, MA

Quick Facts

119.6
Cost of Living
above US average
3,504
Population
18.26
Crime Rate per 1000
below US average
$115,000
Median Income
above US average
$1,299,000
Median House Price
above US average
$2300.0
Average Rent
above US average
3%
Poverty Rate
below US average
3.1%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $115,000.

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Income Needed to Buy

βœ— Stretch
$408k/year
Based on $1,299,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $408k vs median $115,000
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Income Needed to Rent

βœ“ Affordable
$99k/year
Based on $2300.0/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($115,000) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Essex, MA

Essex, Massachusetts, is a picturesque coastal town located in Essex County, renowned for its charming New England atmosphere and rich maritime history. Nestled along the North Shore, Essex is known for its scenic views, historic sites, and traditional shipbuilding heritage. The town's population is small, creating a close-knit community feel. Essex offers various outdoor activities, particularly for nature enthusiasts and water lovers. The nearby Essex River and scenic marshes provide opportunities for kayaking, boating, and birdwatching. The town is also home to the renowned Cogswell's Grant, a historic site showcasing American art and landscape. Visitors can explore quaint shops, restaurants, and cafes, often featuring fresh seafood, a nod to the town's fishing roots. The annual Essex Clamfest is a popular event, celebrating the town's seafood culture and drawing both locals and tourists. With its blend of natural beauty, historical significance, and vibrant community life, Essex is a delightful destination for those seeking a serene coastal experience.

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