Explore Essex
Frequently Asked Questions
How much does it cost to rent a condo in Essex, MA?
The median rent for a condo in Essex, MA is $1,850 per month, though prices vary by neighborhood, size, and property type. As of June 2026, condos tend to be the most affordable option while single-family homes are currently more expensive.
How much do you need to make to afford rent in Essex, MA?
To comfortably afford the median rent in Essex, MA, a household needs to earn roughly $150,000 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $3,750 per month in Essex, MA, renters typically need to show $11,250 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Essex, MA?
In Essex, MA, the price-to-rent ratio is 18.2, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Essex, MA are best for renting a condo?
The best neighborhood for renting in Essex, MA depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a condo include Central Gloucester, East Gloucester, Downtown Beverly, Salem Common and Derby Street, each with its own character and price range.
