$2,800 Per Month
- 2 Beds
- 1 Bath
- 953 Sq Ft
- Apartment for Rent
111 Foster St Unit 416, Peabody, MA 01960
111 Foster St Unit 416, Peabody, MA 01960
Frequently Asked Questions
How much does it cost to rent a home in Peabody, MA?
The median rent for a home in Peabody, MA is $2,650 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 Peabody, MA?
To comfortably afford the median rent in Peabody, MA, a household needs to earn roughly $106,000 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 $2,650 per month in Peabody, MA, renters typically need to show $7,950 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 Peabody, MA?
In Peabody, MA, the price-to-rent ratio is 20.8, 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 Peabody, MA are best for renting a home?
The best neighborhood for renting in Peabody, MA depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include South Peabody, Peabody Town Center, Highland Avenue, Gallows Hill and North Salem, each with its own character and price range.
