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Real Estate Prices & Overview

Peabody Town Center median real estate price is $518,555, which is less expensive than 71.1% of Massachusetts neighborhoods and 32.1% of all U.S. neighborhoods.

The average rental price in Peabody Town Center is currently $2,534, based on NeighborhoodScout's exclusive analysis. Rents here are currently lower in price than 71.1% of Massachusetts neighborhoods.

Peabody Town Center is a densely urban neighborhood (based on population density) located in Peabody, Massachusetts.

Peabody Town Center real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) apartment complexes/high-rise apartments and small apartment buildings. Most of the residential real estate is renter occupied. Many of the residences in the Peabody Town Center neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier. A number of residences were also built between 2000 and the present.

Real estate vacancies in Peabody Town Center are 3.4%, which is lower than one will find in 77.4% of American neighborhoods. Demand for real estate in Peabody Town Center is above average for the U.S., and may signal some demand for either price increases or new construction of residential product for this neighborhood.

Notable & Unique Neighborhood Characteristics

Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Peabody, the Peabody Town Center neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

People

Of note is NeighborhoodScout's research finding that the Peabody Town Center neighborhood has some of the lowest rates of children living in poverty of any neighborhood in the United States. In a nation where approximately 1 in 4 children are living in poverty, the Peabody Town Center community truly stands out from the rest in this regard.

In addition, astoundingly, the Peabody Town Center neighborhood has one of the highest concentrations of divorcees living here than of any neighborhood, a higher concentration than NeighborhoodScout found in 96.9% of U.S. neighborhoods. This may be because people living here divorce more often than others, or that divorced people move here after they become divorced. If you are divorced, you will be in good company in this particular Peabody neighborhood.

Real Estate

Corner bodegas, stores on the first floor and apartments above, former grand Victorian residences converted into apartments, three-deckers built shoulder-to-shoulder, duplexes. Such building types define the real estate of neighborhoods dominated by small 2, 3, and 4 unit apartment buildings. Many are in older core neighborhoods of Eastern and Midwestern cities, or historic town centers in their hinterlands. If you wax romantic about the look and feel of such neighborhoods, with fresh pizza, falafel and an independent florist at the corner, then you might find the Peabody Town Center neighborhood worth a close look. This neighborhood is an absolutely outstanding example of the dominance of small 2, 3, and 4 unit apartment buildings compared to neighborhoods across the nation, as they make up a substantial portion of this neighborhood's real estate stock. In fact, no less than 35.1% of the real estate here is made up of such dwellings, which is higher than 96.1% of all U.S. neighborhoods.

In addition, being a walkable neighborhood can help increase property values for the simple reason that people enjoy it and value it. To put it plainly, despite our love affair with the automobile, American's enjoy taking to the streets, sidewalks, paths, and courtyards of a place to get a coffee, relax, and take in the sights and sounds. And, according to NeighborhoodScout's exclusive and first quantitative walkable score index, the Peabody Town Center neighborhood is one of the most walkable neighborhoods in America.

Diversity

Did you know that the Peabody Town Center neighborhood has more Brazilian and Dominican ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 4.9% of this neighborhood's residents have Brazilian ancestry and 14.6% have Dominican ancestry.

Peabody Town Center is also pretty special linguistically. Significantly, 25.7% of its residents five years old and above primarily speak Portuguese at home. While this may seem like a small percentage, it is higher than 100.0% of the neighborhoods in America.

The Neighbors

There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a neighborhood.

The neighbors in the Peabody Town Center neighborhood in Peabody are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 43.4% of the neighborhoods in America. In addition, 0.0% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 100.0% of America's neighborhoods.

A neighborhood is far different if it is dominated by enlisted military personnel rather than people who earn their living by farming. It is also different if most of the neighbors are clerical support or managers. What is wonderful is the sheer diversity of neighborhoods, allowing you to find the type that fits your lifestyle and aspirations.

In the Peabody Town Center neighborhood, 34.0% of the working population is employed in sales and service jobs, from major sales accounts, to working in fast food restaurants. The second most important occupational group in this neighborhood is executive, management, and professional occupations, with 28.1% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (24.9%), and 13.1% in clerical, assistant, and tech support occupations.

Languages

The languages spoken by people in this neighborhood are diverse. These are tabulated as the languages people preferentially speak when they are at home with their families. The most common language spoken in the Peabody Town Center neighborhood is English, spoken by 53.1% of households. Other important languages spoken here include Portuguese, Spanish and French.

Ethnicity / Ancestry

Culture is the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.

In the Peabody Town Center neighborhood in Peabody, MA, residents most commonly identify their ethnicity or ancestry as Irish (17.0%). There are also a number of people of Dominican ancestry (14.6%), and residents who report Italian roots (11.1%), and some of the residents are also of Puerto Rican ancestry (9.7%), along with some Brazilian ancestry residents (4.9%), among others. In addition, 36.6% of the residents of this neighborhood were born in another country.

Getting to Work

Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in Peabody Town Center neighborhood spend under 15 minutes commuting one-way to work (33.2% of working residents), one of the shortest commutes across America.

Here most residents (69.7%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (17.8%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.


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