Recently on the Boston Globe residents across the state have been able to search their average household income change from 2018 to the present, in Marblehead residents have seen a 43.6% increase.
The cumulative inflation from 2018 to today is about 26% meaning $1 in 2018 would be $1.26 today. As inflation continues to increase, so do the average incomes in order to cover the increasing costs of everyday expenses.
In Marblehead in 2018 the average household income was $115,511 according to the Boston Globe, in 2023 that average income increased to $165,859.
This statistic picked up some traction on one Marblehead Facebook page due to the fact Marblehead residents could face paying more in property taxes if an override is passed.
Many believe it’s the raised price of homes in Marblehead that are bringing this average upward. Those of the wealthy class can more easily afford a home in Marblehead as the average cost of a home is slightly under $1 million.
Some of the comments further pointed out the fact that these numbers are averages meaning that although the number is increasing, there are still those who make much less than that per year.
Going hand in hand with the override, one comment indicated their taxes have doubled since living here for over two decades yet there hasn’t been much improvement to the town. Another comment explained these higher prices don’t warrant higher taxes, especially when they feel the taxes have a history of covering previously misplaced funds.
A majority of the comments came in defense of those who have resided in Marblehead their whole lives suggesting they don’t make that kind of money. Many of them feel as though these new residents moving in are somewhat pushing out the old residents as it’s becoming somewhat unaffordable to remain in the town.
As inflation continues, Marblehead residents may see that number continue to grow in the next coming years.