How much rent can you afford in Wakefield, MA?
Run your salary against Wakefield's current rent, or find the income you'd need for a target rent. Powered by live RentDataNow medians.
The 30% rent rule, in Wakefield
At a median rent of $2,824/mo, Wakefield is affordable when measured against Wakefield median household income of $134,306/yr. Rent would consume roughly 25% of pre-tax income, and a salary of about $112,960 keeps rent at the recommended 30% threshold.
How Wakefield compares nearby
Median rent for the closest cities with data.
Frequently asked
How much rent can I afford in Wakefield?
On a $134,306 salary (the Wakefield median household income), the recommended ceiling is 30% of pre-tax income, or about $3,358/mo. Wakefield's median rent is $2,824/mo. Use the calculator on this page to run your own salary.
What salary do I need to live in Wakefield?
To keep Wakefield's $2,824/mo median rent under 30% of income, you'd need about $112,960/yr. Lower your target share (e.g. 25%) to need more, or raise it (e.g. 40%) to need less.
Is Wakefield affordable on the median Massachusetts income?
Wakefield is affordable on a $134,306 income. Rent would take 25% of pre-tax pay, inside the recommended 30% threshold.
What's the 30% rent rule?
The 30% rule is a long-standing budgeting guideline that keeps rent at or below 30% of gross (pre-tax) income. It leaves enough room for utilities, transit, savings, and debt service. In high-cost markets, many renters exceed 30%, and the Census Bureau classifies households paying more than 30% of income on rent as "cost-burdened".