ZIP Code · MA

ZIP 01562

Part of Spencer, MA

Pop. 12,008·Worcester County·157th most expensive ZIP in Massachusetts

Median rent (all units)

$1,824/mo

Year-over-Year

Stable

Month-over-Month

-3.8%

vs US Median

-$108

Reported rents

Falling (Monthly)

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Most AffordableMost Expensive

ZIP 01562 · $1,824

More expensive than 51% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,290

1 BR

$1,300

2 BR

$1,670

3 BR

$2,040

4 BR+

$2,250

Research median

$1,670/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

What a typical income covers

30% of the median household income ($80,533) is $2,013 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,670); a 3-bedroom is $2,040.

From Zillow's monthly rent index (ZORI) for ZIP 01562. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$21,888/yr

At $1,824/mo median

Location

CitySpencer

StateMA

CountyWorcester County

Rent Market Meter

Strong Renter's Market

Renter's MarketBalancedLandlord's Market

Rents are down 0.0% year-over-year. Push hard on price, concessions, and lease terms.

Based on rent-price momentum (+0.0% YoY, -3.8% MoM), not inventory.

Demographics

Who lives here

ZIP 01562 (Spencer, MA) is majority owner-occupied, has a large retiree population, 29.1% of residents hold a bachelor's degree or higher.

Population

12,008

Median income

$80,533

Median age

48.9

Renters

37%

Age distribution

16.4%

14.7%

24.3%

18.5%

26%

Under 1816.4%

18–3414.7%

35–5424.3%

55–6418.5%

65+26%

Gender

50.6%

49.4%

Male50.6%

Female49.4%

Race & ethnicity

91.9%

White91.9%

Black0.5%

Hispanic5%

Asian2.6%

Education (25+)

38.3%

23.5%

29.1%

No HS diploma9.1%

HS diploma38.3%

Some college23.5%

Bachelor's+29.1%

Housing tenure

63%

37%

Owner63%

Renter37%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 01562 in Spencer, MA has changed in 5 years

Income

$68,559 → $80,533

up 17.5%

Population

11,963 → 12,008

up 0.4%

Renter share

35.8% → 37%

+1.2 pts

Bachelor's+

23.7% → 29.1%

+5.4 pts

Median age

47.9 → 48.9

+1.0 yrs

Local incomes tracked alongside that move, going from a median of $68,559 in 2021 to $80,533 more recently. College-educated residents now make up 29.1% of adults here, versus 23.7% in 2021.

Community

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Local insights

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About renting in ZIP 01562

Last updated: October 17, 2026

ZIP code 01562 covers Spencer, MA. The median rent here is $1,824/mo as of October 2026. A 1-bedroom rents for a median of $1,300/mo. A 2-bedroom rents for a median of $1,670/mo.

At 27% of local median household income ($80,533/yr), ZIP 01562 ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 01562?

To keep rent at or below 30% of gross income, you would need to earn at least $73,000/year (about $35/hour full-time) to afford the median rent of $1,824/mo in ZIP 01562. The local median household income is $80,533/yr, so the typical household meets that bar.