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Essex County/Ipswich/01938

01938

ZIPSAFMR
Essex County, MA
Zillow

ZIP Investment Score

44Below average

095130300
BRFMR
Eff. Rent
0 BR$2,130$2,270
1 BR$2,230$2,440
2 BR$2,650$2,840
3 BR$3,180$3,250
4 BR$3,510$3,860
5 BR$4,036Not available
6 BR$4,642Not available
7 BR$5,338Not available
8 BR$6,139Not available

Purchase Price Calculator

Maximum purchase price
$360,106

Cost breakdown

+Likely effective rent$2,840
HUD FMR$2,650
Market rent$2,940
Est. payment standard (107%)Used$2,840
-Principal and interest-$1,821
Loan amount$288,085
Down payment$72,021
Rate6.50%
Term30 years
-Operating costs-$819
Property taxes-$360
Insurance-$175
Utilities$0
HOA$0
Management-$284
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$45,210(62.8% ROI)
Projected value
$387,795
Return breakdown
Property appreciation+$27,689
Loan principal paid down+$10,321
Rental cash flow+$7,200
5-year hold
+$77,727(107.9% ROI)
Projected value
$407,427
Return breakdown
Property appreciation+$47,321
Loan principal paid down+$18,406
Rental cash flow+$12,000
10-year hold
+$168,718(234.3% ROI)
Projected value
$460,967
Return breakdown
Property appreciation+$100,860
Loan principal paid down+$43,858
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.91
1 BR
0.87
2 BR
0.90
3 BR
0.97
4 BR
0.86
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 01938 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 01938 (Ipswich, MA) is $2,650 a month. That is up 3.5% from $2,560 in FY 2026. Ipswich is in the Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $3,008. Among 56 ZIP codes in Essex County, 01938 is tied for the 16th-highest two-bedroom rent (county range $2,080–$3,420). The median county two-bedroom FMR in Massachusetts is $2,222, so ZIP 01938 is 19% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 01938
BedroomsFY 2027Change90–110% range
Studio$2,130+4.4%$1,917–$2,343
1BR$2,230+3.2%$2,007–$2,453
2BR$2,650+3.5%$2,385–$2,915
3BR$3,180+3.2%$2,862–$3,498
4BR$3,510+3.5%$3,159–$3,861

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 01938
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,130$2,230$2,650$3,180$3,510
FY 2026$2,040$2,160$2,560$3,080$3,390
FY 2025$2,000$2,140$2,550$3,080$3,390
FY 2024$1,830$1,980$2,380$2,890$3,190
FY 2023$1,630$1,790$2,160$2,670$2,930

Two-bedroom rent in nearby Essex County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 01938
01929$2,6500.0%
01930$2,6500.0%
01931$2,6500.0%
01936$2,6500.0%
01937$2,740+3.4%
01938Current$2,650—
01940$3,420+29.1%
01944$2,660+0.4%
01945$2,6500.0%
01949$2,6500.0%
01950$2,6500.0%
01951$2,740+3.4%

Questions about ZIP 01938 rents

How much will Section 8 pay for a two-bedroom in ZIP 01938?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $3,008, which applies unless the housing authority uses Small Area FMRs, that basic range is $2,707 to $3,309 a month; under the ZIP-level Small Area FMR of $2,650 it would be $2,385 to $2,915. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 01938 in?

ZIP 01938 is in the Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $3,008.

How much did fair market rent change in ZIP 01938 for FY 2027?

The two-bedroom FMR rose 3.5%, from $2,560 in FY 2026 to $2,650 in FY 2027. Since FY 2023 it has risen 22.7%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentIpswich, MA fair market rentMA statewide rentsWhat is SAFMR?Data sources