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Rental Insights for ZIP Code 01923 (Danvers, MA)

Housing Rentals in ZIP Code 01923 (Danvers, MA)

01923 ZIP Code in Massachusetts

Learn About Housing Rentals in ZIP Code 01923

ZIP Code 01923 is primarily located in Danvers, MA in Essex County. The median housing rent payment in this Massachusetts region is $1,398 per month. About 28.7% of housing units in this Essex County ZIP Code are renter-occupied. Additionally, the region has an approximate rental vacancy rate of 0.9%.

The median rent in ZIP Code 01923 of $1,398 per month is 9% higher than the aggregate Massachusetts median monthly rent of $1,282, and is 32% higher than the $1,062 the median monthly rent in the U.S. overall. An estimated 36.2% of residents in ZIP Code 01923 pay between $1,000 and $1,499 per month for rent. That is 32% higher than in Massachusetts overall, in which 27.4% of total state residents pay between $1,000 and $1,499 per month for housing. Just 1.2% of renters in ZIP Code 01923 pay $3,000 or more per month for housing.

ZIP Code 01923 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 01923

See the chart below for a comparison of monthly rental costs in ZIP Code 01923, Massachusetts, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 01923 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 01923

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

Cost ZIP 01923 Massachusetts U.S.
Less than $500 13.5% 13.6% 9.4%
$500 to $999 7.0% 20.4% 36.2%
$1,000 to $1,499 36.2% 27.4% 30.0%
$1,500 to $1,999 22.6% 19.6% 14.0%
$2,000 to $2,499 16.6% 10.1% 5.6%
$2,500 to $2,999 3.0% 4.6% 2.4%
$3,000 or more 1.2% 4.3% 2.4%

Rent Cost vs. Income in ZIP Code 01923

Renters in ZIP Code 01923 use an estimated 30.52% of their income to cover their monthly rent payments. That is about 3% higher 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 01923 renters use about 2% more of their income to cover rent expense. Household income figures for ZIP Code 01923 come in higher than in Massachusetts as a whole. The median annual household income in ZIP Code 01923 of $89,250 sits approximately 10% higher than the overall Massachusetts median income of $81,215 and approximately 42% higher than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 01923

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 01923, 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 01923 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 01923

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

Rent Cost as % of Income ZIP 01923 Massachusetts U.S.
Less than 15.0 percent 12.7% 13.0% 13.1%
15.0 to 19.9 percent 13.1% 12.6% 12.9%
20.0 to 24.9 percent 10.4% 12.6% 12.9%
25.0 to 29.9 percent 10.7% 12.3% 11.6%
30.0 to 34.9 percent 8.9% 10.0% 9.1%
35.0 percent or more 44.2% 39.5% 40.5%

Household Income in ZIP Code 01923

See the table below for the regional comparison of annual household income in ZIP Code 01923.

Income ZIP 01923 Massachusetts U.S.
Less than $10,000 4.6% 5.2% 6.0%
$10,000 to $14,999 3.9% 4.2% 4.3%
$15,000 to $24,999 4.1% 7.2% 8.9%
$25,000 to $34,999 7.4% 6.7% 8.9%
$35,000 to $49,999 10.4% 9.3% 12.3%
$50,000 to $74,999 12.2% 14.2% 17.2%
$75,000 to $99,999 12.6% 12.1% 12.7%
$100,000 to $149,999 18.6% 17.8% 15.1%
$150,000 to $199,999 13.2% 10.2% 6.8%
$200,000 or more 13.1% 13.2% 7.7%

Household Income in ZIP Code 01923

See the chart below for a comparison of annual household income figures in ZIP Code 01923, Massachusetts, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 01923 alongside the same figures for the state of Massachusetts and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 01923

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 01923.

ZIP 01923 Massachusetts U.S.
Median Housing Rent $1,398 $1,282 $1,062
Renter-Occupied Housing Units 28.7% 37.6% 36.0%
Rental Vacancy Rate 0.9% 3.6% 6.0%
Average Size of Renter-Occupied Unit 1.90 2.25 2.49
Average # of Bedrooms Per Unit 2.74 2.66 2.75
Percent of Income Spent on Rent 30.52% 29.76% 29.83%
Per Capita Income $44,221 $43,761 $34,103
Median Household Income $110,199 $111,498 $88,607
Living Below the Poverty Line 5.0% 7.0% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 01923

In ZIP Code 01923 (Danvers, MA), and estimated 28.7% of housing units are occupied by renters. This region has an approximate rental vacany rate of 0.9%.

The per capita income in 01923 is estimated at $44,221, which goes along with an estimated median household income of $110,199. About 5.0% of residents in this Essex County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 1.90 occupants, while the units have an aggregate average size of 2.74 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 30.52% of their income on housing rental costs.

Rental FAQs for ZIP Code 01923

1

What is the median monthly rent in ZIP Code 01923?

Median rent for housing in ZIP Code 01923 in Essex County in Massachusetts is approximately $1,398 per month.
2

Is it expensive to rent in ZIP Code 01923?

Rent in ZIP Code 01923 is higher than average in the state of Massachusetts overall. The median monthly rent of $1,398 in ZIP Code 01923 is approximately 9% higher than the Massachusetts median of $1,282. Additionally, median rent in this Danvers, MA region ($1,398) is about 32% higher than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 01923?

High-priced rentals are less common in ZIP Code 01923 than in Massachusetts overall. The percentage of rentals in ZIP Code 01923 that cost $3,000 or more per month (1.2%) is about 72% lower than the Massachusetts rate of 4.3% that cost that much. Additionally, the overall U.S. rate of 2.4% paying $3,000 or more per month is about 50% higher than the aforementioned 01923 rate of 1.2%.
4

Are affordable rentals common in ZIP Code 01923?

Affordable rentals are less common in ZIP Code 01923 than in Massachusetts overall. The percentage of housing rentals in ZIP Code 01923 costing $999 or less per month (20.5%) is approximately 40% 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 55% higher than the previously mentioned 01923 rate of 20.5%.
5

What is the most common cost range that rentals fall into in ZIP Code 01923?

The most common range for rental cost in ZIP Code 01923 is between $1,000 and $1,499 per month. About 36.2% of renters in 01923 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 01923 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 01923 is lower than the rental vacancy rate in the state of Massachusetts overall. Rental vacancy of 0.9% in ZIP Code 01923 is about 75% lower than the Massachusetts rate of 3.6%. Looking more broadly, rental vacancy in this Danvers, MA region (0.9%) is an estimated 85% 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 01923? How does it compare to other Massachusetts regions?

Median household income in ZIP Code 01923 is higher than in the state of Massachusetts overall. Annual household income of $89,250 in ZIP Code 01923 is about 10% higher than the Massachusetts median of $81,215. Additionally, median household income in this Danvers, MA region ($89,250) is approximately 42% 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 01923 spend on housing costs?

Renters in ZIP Code 01923 spend a higher amount of their income on rent costs than do renters in Massachusetts overall. Renters in ZIP Code 01923 spend an estimated 30.52% of their income on rent payments, which is about 3% higher 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 2% lower than the ZIP Code 01923 estimated rate of 30.52%.
9

Do renters in ZIP Code 01923 typically spend a large portion of their income on rent payments?

It is common for renters in ZIP Code 01923 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 01923 spending 30 percent or more of their income on rent costs (53.1%) is approximately 7% higher 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 7% lower than the aforementioned 01923 rate of 53.1%.
10

What is the average household size of renter-occupied units in ZIP Code 01923?

The average household size of renter-occupied units in ZIP Code 01923 is lower than in the state of Massachusetts overall. Annual household size of 1.90 in ZIP Code 01923 is about 16% lower than the Massachusetts median of 2.25. Additionally, median household size in this Danvers, MA region (1.90) is approximately 24% lower than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other Massachusetts ZIP Codes