Rents are 3% below what Peabody's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $2,836 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
Rent in Peabody is at its highest level since Zillow's records here began in February 2022.
Rent in Peabody changed +2.2% over the year to September 2026. Across the 89 Massachusetts cities Zillow tracks, the typical change was +2.8%.
Rent has risen 5 months in a row, and rose in 7 of the last 12 months.
30% of the median household income ($96,657) is $2,416 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($2,140); a 2-bedroom is $2,550.
Lynn, 5 miles away, rents for 17% less ($2,342/mo), about $5,900 a year in savings.
From Zillow's monthly rent index (ZORI) for Peabody. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Peabody, MA is majority owner-occupied, has a large retiree population, has a median income above the national average, 35% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Peabody, MA has changed in 5 years
Compared with 2022, rent in Peabody, MA has climbed by $396 per month, settling near $2,836 after starting the period at $2,440. Census figures show median household income at $96,657 today, compared with $83,570 five years earlier. The combined trend lines point to a market that has changed measurably from where it stood in early 2022.
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Can you afford rent in Peabody on your salary?
At $2,836/mo, how Peabody rent compares to typical pay (30% rule).
Peabody rent by bedroom count
Median rent for each apartment size in Peabody. Click any size for full breakdown.
Tips for renters in Peabody
Last updated: October 17, 2026
The median rent in Peabody is $2,836/mo as of October 2026. A studio apartment averages $2,000/mo while a 2-bedroom runs $2,550/mo. One-bedroom apartments average $2,140/mo and 3-bedroom units go for $3,080/mo.
At 35% of local median household income ($96,657/yr), Peabody ranks as moderate compared to the national benchmark of 30%. Rents have increased 2.2% over the past year.
Frequently asked questions
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Is rent going up or down in Peabody?
How does Peabody rent compare to other cities in Massachusetts?
At $2,836/mo, rent takes ~35% of Peabody's median household income ($96,657/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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