The typical owner-occupied home in Gloucester is worth about $600,600, 7% above the Massachusetts median of $562,100 and 81% above the national median of $332,700. Owners pay a median $6,152 a year in property taxes, about 1.02% of their home's value, close to the Massachusetts rate of 1.07%. The median household earns $83,883 a year, so the median home costs 7.2 times the median income (5.4 times for Massachusetts). 64% of occupied homes here are lived in by their owners, and 68% of those owners still have a mortgage.
Gloucester at a glance
| Gloucester | Massachusetts | U.S. | |
|---|---|---|---|
| Median home value | $600,600 | $562,100 | $332,700 |
| Median property tax paid per year | $6,152 | $5,992 | $3,119 |
| Property tax as a share of value | 1.02% | 1.07% | 0.94% |
| Median household income | $83,883 | $103,960 | $80,734 |
| Homes lived in by their owners | 64% | 63% | 65% |
| Owner homes with a mortgage | 68% | 66% | 61% |
| Median monthly costs, owners with a mortgage | $2,661 | $2,726 | $1,963 |
| Those costs as a share of the owners' income | 26.0% | 21.9% | 21.0% |
| Median rent | $1,411 | $1,762 | $1,413 |
| Rent as a share of renters' income | 33.9% | 30.9% | 30.6% |
| Median year homes were built | 1946 | 1964 | 1980 |
| Vacant homes | 9.6% | 8.1% | 10.1% |
| Population | 30,075 | 7,044,056 | 334,922,499 |
What a typical home costs per month in Gloucester
At this week's average 30-year rate of 7.11%, buying the median Gloucester home of $600,600 with 20% down costs about $3,993 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $4,994, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $171,128 for the 20%-down payment. That payment is 57% of the median Gloucester household income of $83,883; at that income and 20% down, the 28% guideline points to a home of about $294,000.
The median rent here is $1,411 a month, so owning the median home costs about $2,582 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $120,120 |
|---|---|
| Loan amount | $480,480 |
| Principal and interest | $3,232 |
| Property taxes (1.02% a year) | $511 |
| Homeowners insurance (our estimate, 0.5% a year) | $250 |
| PMI | $0 |
| Total per month | $3,993 |
Change the numbers in the calculator
| Down payment | $21,021 |
|---|---|
| Loan amount | $589,722 |
| Principal and interest | $3,967 |
| Property taxes (1.02% a year) | $511 |
| Homeowners insurance (our estimate, 0.5% a year) | $250 |
| FHA mortgage insurance | $266 |
| Total per month | $4,994 |
Change the numbers in the calculator
Questions about home buying in Gloucester
What is the median home value in Gloucester?
About $600,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Gloucester?
Homeowners pay a median $6,152 a year, which is about 1.02% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Gloucester?
For the median home with 20% down at 7.11%, the payment is about $3,993 a month. Keeping that under 28% of gross income takes about $171,128 a year.
More about Gloucester
- Mortgage Refinance in Gloucester
- Debt Relief in Gloucester
- Home Equity Loans in Gloucester
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data