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Real Estate Prices & Overview

South Peabody median real estate price is $753,304, which is more expensive than 58.0% of the neighborhoods in Massachusetts and 82.4% of the neighborhoods in the U.S.

The average rental price in South Peabody is currently $4,451, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 81.7% 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

When you see a neighborhood for the first time, the most important thing is often the way it looks, like its homes and its setting. Some places look the same, but they only reveal their true character after living in them for a while because they contain a unique mix of occupational or cultural groups. This neighborhood is very unique in some important ways, according to NeighborhoodScout's exclusive exploration and analysis.

Modes of Transportation

While most Americans do drive to work alone each day, the South Peabody neighborhood stands out by having 89.5% of commuters doing so, which is a higher proportion of people driving alone to work than NeighborhoodScout found in 95.7% of all American 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

There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a 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.

The old saying "you are what you eat" is true. But it is also true that you are what you do for a living. The types of occupations your neighbors have shape their character, and together as a group, their collective occupations shape the culture of a place.

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

Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.

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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