Cost of Living in Gloucester
The biggest cost-of-living factor in Gloucester, Massachusetts is housing. The median home is priced around $975K, or about $610 per square foot.
With 20% down on a median-priced home, the estimated monthly mortgage payment (principal and interest) is about $5,059, plus roughly $790 per month in property taxes. Rates and down payment change this figure significantly.
Gloucester's FY2025 residential property tax rate is $9.72 per $1,000 of assessed value. Combined with home prices, that gives a clear picture of the monthly cost of owning in Gloucester.