Location: Boston-Cambridge-Quincy, MA | Metro: Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,130 |
| 1 Bedroom | $2,230 |
| 2 Bedrooms | $2,650 |
| 3 Bedrooms | $3,180 |
| 4 Bedrooms | $3,510 |
| 5 Bedrooms | $4,072 |
| 6 Bedrooms | $4,561 |
| 7 Bedrooms | $4,926 |
| 8 Bedrooms | $5,172 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,230 | $447,438 | 0.5% | F |
| 2BR | $2,650 | $649,523 | 0.41% | F |
| 3BR | $3,180 | $849,393 | 0.37% | F |
| 4BR | $3,510 | $1,056,586 | 0.33% | F |
| 5BR | $4,072 | $1,240,456 | 0.33% | F |
U.S. Census Bureau data (2024)
The ZIP code 01938 in Ipswich, MA, houses a population of 13,930 residents. With 25.6% of the population being renters, it suggests that while there is a significant portion of the community renting, the majority still own their homes. This implies that the demand for Section 8 vouchers is present but not overwhelming.
The median household income in this ZIP code stands at $138,750, which is notably high. Considering the market rent of $2,400, this equates to approximately 17.2% of the median income being spent on rent. The Fair Market Rent (FMR) for FY 2024 in ZIP 01938 is set at $2,380, closely aligning with the market rent figure. This indicates that rental costs are competitive and reflective of the overall economic conditions in the area.
A landlord in ZIP 01938 should anticipate tenants who are financially stable and capable of managing a higher rent burden relative to their income. While Section 8 vouchers can be an option for some tenants, the high median income suggests that many potential renters may not require such assistance. Landlords might find themselves dealing with a mix of tenants, including those who are fully independent and those who partially rely on vouchers to meet their housing needs.
To summarize, ZIP 01938 is not predominantly a renter-heavy area with deep voucher demand. Instead, it's characterized by a relatively balanced mix of homeowners and renters, with a focus on financially secure individuals who can afford market rents without significant subsidy. The expected tenant profile leans towards stability and reliability, fitting well within the economic landscape of Ipswich, MA.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.