At June 2026, Zillow ZIP-level ZORI for 01702 is $2,334, a typical observed asking-rent index blended across rental types rather than a lease-price series. The five-digit label is both a Zillow ZIP market identifier and a matched Census ZCTA; a ZCTA is a statistical area and is not identical to a USPS delivery ZIP. The index fell 4.5% on the exact same-month 1-year comparison, versus annualized gains of 0.3% across 3 years and 3.8% across 5 years. Thus, recent direction breaks from the longer positive path. This high-variability history recorded 3.9% annualized monthly-return variability, a -6.3% maximum drawdown, and 100% coverage through the stated endpoint. The transparent national discovery ranks among history-eligible ZIPs are 2,765 for momentum, 2,522 for stability, and 2,849 for balanced history; lower rank is higher. These are backward-looking measurements, not forecasts or investment recommendations, and the variability warrants limited confidence in one current asking-rent snapshot.
The matched ZCTA's ACS 2024 five-year survey reports a $2,019 median gross rent for occupied renter homes, with reported survey uncertainty. Gross rent includes selected utilities, so it is not interchangeable with Zillow’s blended asking-rent index; the current Zillow value is 15.6% above this ACS median. HUD’s FY2026 two-bedroom FMR/SAFMR standard is $2,311. FMR/SAFMR is an administrative, bedroom-specific standard rather than asking rent. These are separate evidence universes with different timing and populations. Their difference does not establish what a particular available home is priced at, what a renter actually pays, or which measure governs any program.
For bedroom orientation, the local HUD ladder has been used to scale ZIP ZORI, producing modelled monthly estimates of $1,647 for a studio, $1,779 for one bedroom, $2,334 for two bedrooms, $2,918 for three bedrooms, and $3,090 for four bedrooms. The calculation preserves the local HUD bedroom relationship while anchoring the ladder to the current blended Zillow index. These are modelled estimates, never measured bedroom rents. A listing’s condition, included utilities, lease term, furnishings, and other unreported attributes can differ, so the ladder is an orientation tool rather than a property-specific price observation. HUD remains an administrative comparator, not a claim of observed asking rents by bedroom.
The 30% required-income screen converts the $2,334 monthly index into $93,360 of annual income. The matched ZCTA’s ACS median household income is $82,496, a directly calculated $10,864 gap. This is an arithmetic screen, not advice and not an applicant qualification rule. Separately, ACS reports 4,895 of 9,353 renter households, or 52.3%, spending at least 30% of income on rent; the burdened-household estimate has reported survey uncertainty. This survey burden measure is separate from current ZORI and does not prove the cost burden, eligibility, or lease terms of any particular household or unit.
Within the matched ACS ZCTA, there are 15,049 housing units and a 5.1% overall vacancy rate. Renters occupy 65.5% of occupied homes, a tenure mix that frames the burden statistics but says nothing about an individual building. The stock includes 5,704 single-family units and 4,450 units in large multifamily structures. Census classifies 328 vacant homes as for rent. That vacancy classification is not evidence that a specific home is available, affordable, in similar condition, or represented by the Zillow index.
On wider geographic reference points, the Framingham city context asking-rent value is about $2,360; the Middlesex County context asking-rent value is $3,260; and the Boston-Cambridge-Newton, MA-NH metro context asking-rent value is $3,210. The city comparison is close to the ZIP index, whereas the county and metro context readings are higher, but all three are wider context only. They should not be substituted for the ZIP-level ZORI or the matched-ZCTA ACS survey, and their differences neither identify property quality nor explain why rents differ. The comparisons provide scale, not a transferable pricing rule for any property.
The practical limit is that no aggregate source identifies the same physical unit at the same moment. Before comparing a listing with these figures, verify the advertised rent, bedroom count, condition, utility inclusions, parking or other recurring charges, one-time fees, availability date, furnishing status, lease term, and whether the location uses the relevant ZIP or the matched ZCTA. Also determine whether restrictions, subsidies, or program rules apply before using HUD as a comparator. These property-level checks preserve the distinction between an index, a survey, and an administrative standard. Which current written listing terms remain after those checks?
","findings":[{"body":"ZORI is a blended asking-rent signal rather than a bedroom-specific listing average. Its latest same-month decline interrupts the positive longer comparison path, while the high-variability classification and recorded drawdown make one reading less conclusive. Full history coverage supports measurement completeness, but it does not turn the history into a forecast or an investment conclusion.","title":"History: a current reversal, not a forecast"},{"body":"Zillow, ACS, and HUD answer different questions. Zillow describes a ZIP-level asking-rent index, ACS describes surveyed occupied renter homes and selected utility-inclusive gross rent, and HUD sets an administrative bedroom standard. Comparing them can provide useful scale, but their differences do not show a listing price, an executed lease payment, or a program outcome.","title":"Three rent concepts, three scopes"},{"body":"The income screen compares the current ZIP asking index with the matched ZCTA median household income. Separately, the burden statistic comes from occupied renter households surveyed by ACS. Both provide area-level context to investigate, but neither qualifies an applicant, proves household circumstances, or establishes the terms of a particular tenancy.","title":"Affordability signal is two-part"},{"body":"The ZCTA's renter majority, mix of single-family and large multifamily structures, and vacant-for-rent classification describe aggregate inventory only. They do not establish that a unit is currently available or comparable. The modelled ladder can orient a search, yet advertised bedroom count, utilities, condition, fees, timing, and lease conditions must be confirmed.","title":"Renter-heavy stock requires listing-level verification"}],"risks":["The Zillow index is a typical blended asking-rent measure, so changes in its mix of observed rental types can make it unsuitable as a direct quote for any one building, bedroom count, or lease structure.","ACS estimates describe the matched ZCTA over a multiyear survey period and carry sampling uncertainty; their occupied-renter, gross-rent, income, burden, and vacancy concepts should not be treated as current listing observations.","The bedroom amounts are scaled from a HUD administrative ladder and the ZIP index. They are modelled comparators, not measured rents, and omitted property attributes may materially change an advertised price.","Vacancy classifications and broader city, county, and metro context values are aggregate references. They cannot prove a specific unit’s availability, affordability, amenities, tenant eligibility, or likely future rent movement."],"qa":[{"a":"The Zillow series is supplied for the ZIP market label, while ACS is supplied for the matched Census ZCTA. The match enables a useful geographic comparison, but the ZCTA is a statistical tabulation area rather than a USPS delivery ZIP, so boundaries and delivery use are not identical.","q":"Why are ZIP and ZCTA both used here?"},{"a":"HUD FMR/SAFMR is produced as an administrative bedroom-specific standard. It informs the relative bedroom ladder used here, but it is not a record of marketed rents or signed leases. A current Zillow index measures a different universe: typical observed asking rents blended across rental types.","q":"Why is the HUD standard not treated as asking rent?"},{"a":"It is only an arithmetic conversion of the ZIP asking-rent index into annual income at the stated share of income. Comparing that result with a ZCTA survey median shows an area-level benchmark. It does not determine affordability for any household, approve or deny an applicant, or replace a landlord’s published qualification process.","q":"What does the required-income screen mean?"},{"a":"Start with the current written listing: advertised rent, bedroom count, unit condition, utility responsibility, recurring and one-time fees, availability date, furnished status, and lease term. Then confirm location and any restrictions or program rules. Those facts determine whether comparisons to the aggregate ZIP, ZCTA, and HUD measures are meaningful.","q":"What should be checked before comparing a listing with this report?"}],"sources":[{"key":"apartment_list_time_on_market","name":"Apartment List Time on Market — listing liquidity","release":"Apartment List 2026-07","pulledAt":"2026-08-08","url":"https://www.apartmentlist.com/research/category/data-rent-estimates"},{"key":"apartment_list_vacancy","name":"Apartment List Vacancy Index — rental vacancy","release":"Apartment List 2026-07","pulledAt":"2026-08-08","url":"https://www.apartmentlist.com/research/apartment-list-vacancy-index-methodology"},{"key":"census_zcta_facts","name":"Census ACS five-year — ZCTA housing and income","release":"ACS 2024 5-year ZCTA","pulledAt":"2026-08-08","url":"https://api.census.gov/data/2024/acs/acs5.html"},{"key":"hud_zip","name":"HUD USPS crosswalk and Small Area FMRs — ZIP rent fallback","release":"ZIP-CBSA 2025Q4 + SAFMR FY2026","pulledAt":"2026-07-26","url":"https://www.huduser.gov/portal/datasets/usps_crosswalk.html"},{"key":"realtor_county","name":"Realtor.com Economic Research — county listing inventory","release":"county inventory 2026-06","pulledAt":"2026-07-28","url":"https://www.realtor.com/research/data/"},{"key":"redfin","name":"Redfin Data Center — inventory, days on market, and price cuts","release":"metro tracker through 2026-05-01","pulledAt":"2026-07-26","url":"https://www.redfin.com/news/data-center/"},{"key":"redfin_zip","name":"Redfin Data Center — ZIP resale activity and supply","release":"ZIP rolling 3 months through 2026-06-30; updated 2026-07-03","pulledAt":"2026-08-12","url":"https://www.redfin.com/news/data-center/"},{"key":"zillow_county","name":"Zillow ZHVI and ZORI — county values and rents","release":"county ZHVI/ZORI 2026-06","pulledAt":"2026-07-26","url":"https://www.zillow.com/research/data/"},{"key":"zillow_zori","name":"Zillow ZORI — metro market rents","release":"Metro_zori_uc_sfrcondomfr_sm_sa_month.csv","pulledAt":"2026-07-26","url":"https://www.zillow.com/research/data/"},{"key":"zillow_zori_city","name":"Zillow ZORI — city market rents","release":"zillow_zori_city.csv","pulledAt":"2026-07-29","url":"https://www.zillow.com/research/data/"},{"key":"zillow_zori_zip","name":"Zillow ZORI — ZIP market rents","release":"ZORI ZIP 2026-06","pulledAt":"2026-08-08","url":"https://www.zillow.com/research/data/"}],"history":[{"period":"2020-12-01","rent":1826.523433},{"period":"2021-01-01","rent":1858.106411},{"period":"2021-02-01","rent":1878.925308},{"period":"2021-03-01","rent":1908.894548},{"period":"2021-04-01","rent":1916.03691},{"period":"2021-05-01","rent":1930.936055},{"period":"2021-06-01","rent":1935.999676},{"period":"2021-07-01","rent":1955.596675},{"period":"2021-08-01","rent":1993.804744},{"period":"2021-09-01","rent":2071.073101},{"period":"2021-10-01","rent":2132.861563},{"period":"2021-11-01","rent":2169.960443},{"period":"2021-12-01","rent":2215.927521},{"period":"2022-01-01","rent":2206.83688},{"period":"2022-02-01","rent":2201.794645},{"period":"2022-03-01","rent":2182.906332},{"period":"2022-04-01","rent":2189.419707},{"period":"2022-05-01","rent":2226.409814},{"period":"2022-06-01","rent":2240.609712},{"period":"2022-07-01","rent":2290.217137},{"period":"2022-08-01","rent":2304.974152},{"period":"2022-09-01","rent":2304.983769},{"period":"2022-10-01","rent":2283.912749},{"period":"2022-11-01","rent":2291.275029},{"period":"2022-12-01","rent":2243.427508},{"period":"2023-01-01","rent":2227.479547},{"period":"2023-02-01","rent":2236.496627},{"period":"2023-03-01","rent":2285.805564},{"period":"2023-04-01","rent":2308.67259},{"period":"2023-05-01","rent":2302.566665},{"period":"2023-06-01","rent":2315.527957},{"period":"2023-07-01","rent":2306.784353},{"period":"2023-08-01","rent":2301.557616},{"period":"2023-09-01","rent":2288.659347},{"period":"2023-10-01","rent":2290.847985},{"period":"2023-11-01","rent":2316.422351},{"period":"2023-12-01","rent":2332.21861},{"period":"2024-01-01","rent":2369.022622},{"period":"2024-02-01","rent":2341.18467},{"period":"2024-03-01","rent":2328.629903},{"period":"2024-04-01","rent":2345.110677},{"period":"2024-05-01","rent":2371.368534},{"period":"2024-06-01","rent":2399.486211},{"period":"2024-07-01","rent":2387.900691},{"period":"2024-08-01","rent":2377.602121},{"period":"2024-09-01","rent":2369.794129},{"period":"2024-10-01","rent":2406.672719},{"period":"2024-11-01","rent":2423.046547},{"period":"2024-12-01","rent":2454.591529},{"period":"2025-01-01","rent":2443.781634},{"period":"2025-02-01","rent":2465.254066},{"period":"2025-03-01","rent":2466.115725},{"period":"2025-04-01","rent":2482.460348},{"period":"2025-05-01","rent":2470.591686},{"period":"2025-06-01","rent":2443.558368},{"period":"2025-07-01","rent":2457.196502},{"period":"2025-08-01","rent":2472.893827},{"period":"2025-09-01","rent":2490.509708},{"period":"2025-10-01","rent":2468.219064},{"period":"2025-11-01","rent":2443.421557},{"period":"2025-12-01","rent":2420.723094},{"period":"2026-01-01","rent":2412.618386},{"period":"2026-02-01","rent":2403.757373},{"period":"2026-03-01","rent":2393.125357},{"period":"2026-04-01","rent":2359.710756},{"period":"2026-05-01","rent":2344.780085},{"period":"2026-06-01","rent":2334.093353}],"historySummary":{"pointCount":67,"firstPeriod":"2020-12-01","latestPeriod":"2026-06-01","coverageMonths":67,"coverageRatio":1,"changes":{"1":{"years":1,"startPeriod":"2025-06-01","endPeriod":"2026-06-01","startRent":2443.558368,"endRent":2334.093353,"change":-0.04479738091527341,"cagr":-0.04479738091527341},"3":{"years":3,"startPeriod":"2023-06-01","endPeriod":"2026-06-01","startRent":2315.527957,"endRent":2334.093353,"change":0.008017780974691302,"cagr":0.002665482548443343},"5":{"years":5,"startPeriod":"2021-06-01","endPeriod":"2026-06-01","startRent":1935.999676,"endRent":2334.093353,"change":0.2056269336896317,"cagr":0.038108120565077064}},"maxDrawdown":-0.06280495695220945,"annualizedVolatility":0.038589321490313695,"consecutiveReturnCount":66}}