Cost of Living in Wakefield
The biggest cost-of-living factor in Wakefield, Massachusetts is housing. The median home is priced around $750K, or about $487 per square foot.
With 20% down on a median-priced home, the estimated monthly mortgage payment (principal and interest) is about $3,891, plus roughly $709 per month in property taxes. Rates and down payment change this figure significantly.
Wakefield's FY2025 residential property tax rate is $11.35 per $1,000 of assessed value. Combined with home prices, that gives a clear picture of the monthly cost of owning in Wakefield.