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Real Estate Prices & Overview

South Peabody median real estate price is $730,001, which is more expensive than 57.9% of the neighborhoods in Massachusetts and 81.8% of the neighborhoods in the U.S.

The average rental price in South Peabody is currently $4,296, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 81.6% of the neighborhoods in Massachusetts.

South Peabody is a suburban neighborhood (based on population density) located in Peabody, Massachusetts.

South Peabody real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and small apartment buildings. Most of the residential real estate is owner occupied. Many of the residences in the South Peabody neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.

In South Peabody, the current vacancy rate is 1.7%, which is a lower rate of vacancies than 88.1% of all neighborhoods in the U.S. This means that the housing supply in South Peabody is very tight compared to the demand for property here.

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 South Peabody neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Modes of Transportation

Our research reveals that 89.5% of commuters who live in the South Peabody neighborhood get to work each day by driving alone in their automobiles, which is a higher proportion than 95.7% of U.S. neighborhoods.

People

If you're a regular supporter of the arts and enjoy outings to the theatre, weekend boutique-ing, or even a finely aged wine with dinner, than you're in good company with the people of the South Peabody neighborhood. This neighborhood is uniquely immersed with more "urban sophisticates" than 95.7% of neighborhoods across the country. The people here truly stand out as a class among their own. They are an exclusive community characterized by refined tastes, cultural inclinations, and the means to live well. Urban sophisticates live a big city lifestyle, whether or not they live in or near a big city. They are educated executives or managers by week, and serial patrons of the arts by weekend. If this lifestyle pertains to you, than you'll certainly feel right at home in the South Peabody neighborhood.

Real Estate

Real estate in the South Peabody neighborhood is almost exclusively owner-occupied. NeighborhoodScout's analysis reveals that this neighborhood has a higher rate of owner-occupied housing than is found in 95.1% of U.S. neighborhoods. If you are seeking to rent, this neighborhood may not have many options, but high rates of ownership often indicate stability in a neighborhood.

Diversity

Did you know that the South Peabody neighborhood has more Greek and Lithuanian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 4.4% of this neighborhood's residents have Greek ancestry and 2.4% have Lithuanian ancestry.

South Peabody is also pretty special linguistically. Significantly, 1.9% of its residents five years old and above primarily speak Greek at home. While this may seem like a small percentage, it is higher than 99.0% of the neighborhoods in America.

The Neighbors

How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.

The neighbors in the South Peabody neighborhood in Peabody are wealthy, making it among the 15% highest income neighborhoods in America. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 89.5% of the neighborhoods in America. In addition, 4.5% 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 66.2% 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 South Peabody neighborhood, 48.2% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 21.4% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (17.3%), and 13.2% 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 South Peabody neighborhood is English, spoken by 87.7% of households. Other important languages spoken here include Spanish and Portuguese.

Ethnicity / Ancestry

Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.

In the South Peabody neighborhood in Peabody, MA, residents most commonly identify their ethnicity or ancestry as Italian (25.0%). There are also a number of people of Irish ancestry (20.8%), and residents who report English roots (10.3%), and some of the residents are also of French ancestry (8.2%), along with some Polish ancestry residents (6.2%), among others.

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 South Peabody neighborhood spend between 15 and 30 minutes commuting one-way to work (45.5% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (89.5%) drive alone in a private automobile to get to work. 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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