Selectman Says Swampscott Cost of Living Well Below Marblehead's
Selectman Barry Greenfield drew on single-family home prices and other data for his comparison.
You might be surprised to find out how much less expensive living in Swampscott is compared to Marblehead, said town Selectman Barry Greenfield.
The selectman took Boston Magazine's 2011 report on single-family home prices and "compared the cost of living in Marblehead to Swampscott for both 20 and 30 year periods, including property taxes added to the cost of a home purchase (which most people don't do)."
The selectman said many people will be "shocked to learn how much less expensive it is to live in Swampscott."
In 2011, the average cost of a single-family home in Marblehead was $510,000 vs. $348,000 in Swampscott.
The tax rate in Marblehead is $10.52; and the tax rate in Swampscott is $17.99.
So, for the Marblehead house, annual property taxes would be $5,365, he said.
For the Swampscott house, annual property taxes would be $6,260, he said.
Over the first 20 years of owning that house, the cost of living in Marblehead would be $617,300; while in Swampscott it would be $473,210.
"Swampscott is more than $143,000 less expensive to live in, that's a savings of $7k per year," the selectman said.
Over the 30 years the cost of living in Marblehead would be $670,950 and in Swampscott it would cost $535,800, or end up costing $135k less, he said.
The selectman said his reason for comparing the costs is that he felt there were misconceptions about the costs of living in the two towns.
"There are a lot of factors to consider other than simply taxes," he said.