Living in Wakefield, Massachusetts
Cost of living, income, home prices, rent and demographics of Wakefield · Census data 2020–2024
Wakefield has 27,793 residents with a median age of 42.4. The median household income is $134,306 (29% higher than the Massachusetts median), the median home value is $723,500, the median rent is $1,958/month.
Wakefield at a glance
- Population
- 27,793
- Median age
- 42.4State: 40
- Median household income
- $134,306State: $103,960
- Median home value
- $723,500State: $562,100
- Median rent
- $1,958/moState: $1,762
- Homeowners
- 70.7%
- Bachelor's degree or higher
- 59.7%
- Average commute
- 33 min
Is Wakefield a good place to live?
Pros: Median household income 29% higher than the Massachusetts median; unemployment of 4.4%; a poverty rate of 4.9%.
Cons: Home values 29% higher than the state median; an average commute of 33 minutes.
The weather is best in June to September.
Cost of living in Wakefield
Housing is the biggest part of the cost of living. In Wakefield the median home value is $723,500, 117% higher than the U.S. median. Renters pay a median of $1,958 per month, which is 27.5% of household income. Homeowners with a mortgage pay $3,178 a month in housing costs.
Wakefield median household income
The median household income in Wakefield is $134,306 and the income per person is $67,454. 4.9% of residents live below the poverty line (Massachusetts: 10%).
Housing in Wakefield: homes for sale and rent
- Housing units
- 11,750
- Owner-occupied
- 70.7%
- Renter-occupied
- 29.3%
- Vacant
- 4.1%Includes seasonal homes
- Median year built
- 1956
- Average household size
- 2.43
Wakefield demographics
- Population
- 27,793
- Median age
- 42.4
- Under 18
- 20%
- 65 and older
- 19%
- Households
- 11,270
- Foreign-born
- 10.7%
- Veterans
- 2.9%Adults 18+
Hispanic or Latino can be of any race. Population history of Wakefield ›
Education in Wakefield
59.7% of adults 25 and older in Wakefield have a bachelor's degree or higher (Massachusetts: 47.3%), and 24.8% have a graduate or professional degree.
Jobs and commute in Wakefield
- Unemployment rate
- 4.4%State: 5.2%
- Average commute
- 33 minState: 29 min
- Work from home
- 24.6%
- Drive alone
- 59.8%
- Public transit
- 6.2%
- Walk to work
- 2.2%
- Homes with broadband
- 94%
Wakefield vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Wakefield | 27,793 | $134,306 | $723,500 | $1,958 |
| Lynnfield | 13,064 | $175,265 | $917,600 | $2,676 |
| Stoneham | 23,355 | $113,964 | $671,900 | $2,035 |
| Reading | 25,612 | $165,912 | $809,000 | $1,991 |
| Melrose | 29,650 | $133,953 | $822,900 | $1,970 |
| Saugus | 28,773 | $101,539 | $603,400 | $2,241 |
| Woburn | 41,939 | $111,185 | $673,500 | $2,221 |
| Malden | 65,906 | $100,606 | $633,500 | $2,204 |
| North Reading | 15,765 | $147,768 | $710,500 | $2,259 |
More for people moving to Wakefield
Wakefield ZIP code ›Weather and climate ›Living in Wakefield: FAQ
What is the median household income in Wakefield, MA?
The median household income in Wakefield is $134,306, 29% higher than the Massachusetts median of $103,960 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Wakefield?
The median home value in Wakefield is $723,500, compared with $562,100 in Massachusetts.
How much is rent in Wakefield?
The median gross rent in Wakefield is $1,958 per month, about 27.5% of household income.
Is Wakefield, MA a good place to live?
Pluses: median household income 29% higher than the Massachusetts median; unemployment of 4.4%; a poverty rate of 4.9%. Minuses: home values 29% higher than the state median; an average commute of 33 minutes.
What is the median age in Wakefield?
The median age in Wakefield is 42.4 years (Massachusetts: 40).
How long is the commute in Wakefield?
The average commute to work in Wakefield is 33 minutes; 24.6% of workers work from home.
What is the unemployment rate in Wakefield?
The unemployment rate in Wakefield is 4.4% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Wakefield?
59.7% of adults in Wakefield have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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