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Rental Insights for ZIP Code 01355 (New Salem, MA)

Housing Rentals in ZIP Code 01355 (New Salem, MA)

01355 ZIP Code in Massachusetts

Learn About Housing Rentals in ZIP Code 01355

ZIP Code 01355 is primarily located in New Salem, MA in Franklin County. The median housing rent payment in this Massachusetts region is $1,118 per month. Approximately 12.8% of housing units in the region are renter-occupied, and this this Franklin County ZIP Code has an estimated rental vacancy rate of zero.

The median rent in ZIP Code 01355 of $1,118 per month is 13% lower than the aggregate Massachusetts median monthly rent of $1,282, and is 5% higher than the $1,062 the median monthly rent in the U.S. overall. About 85.4% of renters in ZIP Code 01355 pay between $1,000 and $1,499 per month for housing. That is 212% higher than in Massachusetts overall, in which 27.4% of total state residents pay between $1,000 and $1,499 per month for housing. Only 14.6% of ZIP Code 01355 renters pay between $500 and $999 for monthly rent.

ZIP Code 01355 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 01355

See the chart below for a comparison of monthly rental costs in ZIP Code 01355, Massachusetts, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 01355 along with those in the state of Massachusetts and the U.S. overall. For example, what percentage of renters pay between $1,000 and $1,499 monthly.

Rental Cost in ZIP Code 01355

See the table below for the regional comparison of monthly rental costs.

Cost ZIP 01355 Massachusetts U.S.
Less than $500 0.0% 13.6% 9.4%
$500 to $999 14.6% 20.4% 36.2%
$1,000 to $1,499 85.4% 27.4% 30.0%
$1,500 to $1,999 0.0% 19.6% 14.0%
$2,000 to $2,499 0.0% 10.1% 5.6%
$2,500 to $2,999 0.0% 4.6% 2.4%
$3,000 or more 0.0% 4.3% 2.4%

Rent Cost vs. Income in ZIP Code 01355

Renters in ZIP Code 01355 use an estimated 27.27% of their income to cover their monthly rent payments. That is about 8% lower than in Massachusetts overall. The estimate for Massachusetts overall is 29.76% of income used for housing rent payments. In comparison to the U.S. as a whole, ZIP Code 01355 renters use about 9% less of their income to cover rent expense. Household income figures for ZIP Code 01355 come in lower than in Massachusetts as a whole. The median annual household income in ZIP Code 01355 of $65,875 sits approximately 19% lower than the overall Massachusetts median income of $81,215 and approximately 5% higher than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 01355

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 01355, Massachusetts, and also in the U.S. as a whole.

This chart visualizes monthly rent cost as a percentage of household income in ZIP Code 01355 along with the same calculations in the state of Massachusetts and the U.S. overall. For example, what percentage of renters pay 15.0 to 19.9 percent of the monthly household income toward rent.

Rent as a Percentage of Income in ZIP Code 01355

See the table below for the regional comparison of monthly rent as a percentage of household income.

Rent Cost as % of Income ZIP 01355 Massachusetts U.S.
Less than 15.0 percent 14.6% 13.0% 13.1%
15.0 to 19.9 percent 6.3% 12.6% 12.9%
20.0 to 24.9 percent 20.8% 12.6% 12.9%
25.0 to 29.9 percent 16.7% 12.3% 11.6%
30.0 to 34.9 percent 22.9% 10.0% 9.1%
35.0 percent or more 18.8% 39.5% 40.5%

Household Income in ZIP Code 01355

See the table below for the regional comparison of annual household income in ZIP Code 01355.

Income ZIP 01355 Massachusetts U.S.
Less than $10,000 3.0% 5.2% 6.0%
$10,000 to $14,999 1.8% 4.2% 4.3%
$15,000 to $24,999 6.8% 7.2% 8.9%
$25,000 to $34,999 8.5% 6.7% 8.9%
$35,000 to $49,999 16.8% 9.3% 12.3%
$50,000 to $74,999 21.6% 14.2% 17.2%
$75,000 to $99,999 12.1% 12.1% 12.7%
$100,000 to $149,999 17.8% 17.8% 15.1%
$150,000 to $199,999 7.8% 10.2% 6.8%
$200,000 or more 3.8% 13.2% 7.7%

Household Income in ZIP Code 01355

See the chart below for a comparison of annual household income figures in ZIP Code 01355, Massachusetts, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 01355 alongside the same figures for the state of Massachusetts and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 01355

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 01355.

ZIP 01355 Massachusetts U.S.
Median Housing Rent $1,118 $1,282 $1,062
Renter-Occupied Housing Units 12.8% 37.6% 36.0%
Rental Vacancy Rate 0.0% 3.6% 6.0%
Average Size of Renter-Occupied Unit 2.51 2.25 2.49
Average # of Bedrooms Per Unit 2.95 2.66 2.75
Percent of Income Spent on Rent 27.27% 29.76% 29.83%
Per Capita Income $36,531 $43,761 $34,103
Median Household Income $84,928 $111,498 $88,607
Living Below the Poverty Line 2.1% 7.0% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 01355

In ZIP Code 01355 (New Salem, MA), and estimated 12.8% of housing units are occupied by renters. This region has an approximate rental vacany rate of 0.0%.

The per capita income in 01355 is estimated at $36,531, which goes along with an estimated median household income of $84,928. About 2.1% of residents in this Franklin County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 2.51 occupants, while the units have an aggregate average size of 2.95 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 27.27% of their income on housing rental costs.

Rental FAQs for ZIP Code 01355

1

What is the median monthly rent in ZIP Code 01355?

Median rent for housing in ZIP Code 01355 in Franklin County in Massachusetts is approximately $1,118 per month.
2

Is it expensive to rent in ZIP Code 01355?

Rent in ZIP Code 01355 is lower than average in the state of Massachusetts overall. The median monthly rent of $1,118 in ZIP Code 01355 is approximately 13% lower than the Massachusetts median of $1,282. Additionally, median rent in this New Salem, MA region ($1,118) is about 5% higher than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 01355?

High-priced rentals are not common in the New Salem, MA ZIP Code of 01355, as the region has no rentals costing $3,000 or more per month. In contrast, in the state of Massachusetts overall, approximately 4.3% of rentals fall in this upper tier of $3,000 or more per month.
4

Are affordable rentals common in ZIP Code 01355?

Affordable rentals are less common in ZIP Code 01355 than in Massachusetts overall. The percentage of housing rentals in ZIP Code 01355 costing $999 or less per month (14.6%) is approximately 57% lower than the Massachusetts rate of 34% that fall in that range. In addition, the aggregate U.S. rate of 45.6% paying $999 or less per month is about 68% higher than the previously mentioned 01355 rate of 14.6%.
5

What is the most common cost range that rentals fall into in ZIP Code 01355?

The most common range for rental cost in ZIP Code 01355 is between $1,000 and $1,499 per month. About 85.4% of renters in 01355 pay in this range for monthly rent. In comparison, approximately 27.4% of renters in the state of Massachusetts fall in the between $1,000 and $1,499 range, and 30.0% of overall U.S. renters fall in this range.
6

Does ZIP Code 01355 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 01355 is lower than the rental vacancy rate in the state of Massachusetts overall. Rental vacancy of 0.0% in ZIP Code 01355 is about 100% lower than the Massachusetts rate of 3.6%. Looking more broadly, rental vacancy in this New Salem, MA region (0.0%) is an estimated 100% lower than the estimated rental vacancy rate of 6.0% in the U.S. overall.
7

What is the average household income in ZIP Code 01355? How does it compare to other Massachusetts regions?

Median household income in ZIP Code 01355 is lower than in the state of Massachusetts overall. Annual household income of $65,875 in ZIP Code 01355 is about 19% lower than the Massachusetts median of $81,215. Additionally, median household income in this New Salem, MA region ($65,875) is approximately 5% higher than median household income of $62,843 in the U.S. as a whole.
8

How much of their income do renters in ZIP Code 01355 spend on housing costs?

Renters in ZIP Code 01355 spend a lower amount of their income on rent costs than do renters in Massachusetts overall. Renters in ZIP Code 01355 spend an estimated 27.27% of their income on rent payments, which is about 8% lower than the overall Massachusetts estimated rate of 29.76%. In addition, the aggregate U.S. estimated rate of 29.83% of income spent on housing rental costs is about 9% higher than the ZIP Code 01355 estimated rate of 27.27%.
9

Do renters in ZIP Code 01355 typically spend a large portion of their income on rent payments?

It is uncommon for renters in ZIP Code 01355 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 01355 spending 30 percent or more of their income on rent costs (41.7%) is approximately 16% lower than the Massachusetts rate of 49.5% that spend that much. In addition, the overall U.S. rate of 49.6% paying 30 percent or more of their income on rent costs is about 16% higher than the aforementioned 01355 rate of 41.7%.
10

What is the average household size of renter-occupied units in ZIP Code 01355?

The average household size of renter-occupied units in ZIP Code 01355 is higher than in the state of Massachusetts overall. Annual household size of 2.51 in ZIP Code 01355 is about 12% higher than the Massachusetts median of 2.25. Additionally, median household size in this New Salem, MA region (2.51) is approximately 1% higher than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other Massachusetts ZIP Codes