What HUD offices serve Peabody, Massachusetts?
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
Go to the Massachusetts Public Housing and Low-Income Apartments Waiting Lists page for openings near Peabody.
How many renters live in Peabody, Massachusetts?
The City of Peabody has 54,204 people living in 22,678 households.
There are 15,738 renters living in 7,827 renter households in this City. Renters make up 29.03 percent of the population living in Peabody.
What is the rental market like in Peabody, Massachusetts?
There are an estimated 23,355 housing units in the Peabody area. Of these, 8,061 units are rental homes, making up 35 percent of the housing market. For every renter household in Peabody, Massachusetts, there are 1 rental units.
What is the vacancy rate for rentals in Peabody?
The rental vacancy rate in Peabody is 3 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Peabody for each bedroom size?
Occupied Rental Units by Size in Peabody
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 682 | 2,671 | 3,056 | 1,162 | 169 |
Occupied Rental Units by Size in Peabody
A large number of apartments in Peabody have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Peabody are overburdened by housing costs?
Among renter households in this market, 55 percent have housing cost burden. Further, 30 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Peabody
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $2,212 to $3,765. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $2,212 |
| One BR | $2,377 |
| Two BR | $2,827 |
| Three BR | $3,418 |
| Four BR | $3,765 |
2024 Fair Market Rents in Peabody, Massachusetts
How many units are rented at Fair Market Rent (FMR) in Peabody?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 388 | 57 percent |
| One BR | 1,184 | 44 percent |
| Two BR | 661 | 22 percent |
Rental Units Below FMR in Peabody, Massachusetts
How many affordable rental units are in Peabody?
There are a variety of federal affordable housing programs serving households in Peabody, Massachusetts including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 61 |
| Section 8 Project-Based Rental Assistance | 422 |
| Section 202 Supportive Housing for the Elderly | 48 |
| Section 811 Supportive Housing for Persons with Disabilities | 3 |
Tracked Units by Federal Program in Peabody, Massachusetts
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Peabody, Massachusetts
Peabody features 364 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Peabody, Massachusetts
There are 55 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Peabody.
Housing Choice Vouchers in Peabody, Massachusetts
On average, Section 8 Housing Choice vouchers pay Peabody landlords $1,300 per month towards rent. The average voucher holder contributes $500 towards rent in Peabody.
The maximum amount a voucher would pay on behalf of a low-income tenant in Peabody, Massachusetts for a two-bedroom apartment is between $2,544 and $3,110.
Sourced from federal housing data and AffordableHousingOnline.com research.
