ZIP Code · MA

ZIP 02038

Part of Franklin, MA

Pop. 33,154·Norfolk County·109th most expensive ZIP in Massachusetts

Median rent (all units)

$2,534/mo

Year-over-Year

+4.0%

Month-over-Month

+0.4%

vs US Median

+$602

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 02038 · $2,534

More expensive than 81% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$2,040

1 BR

$2,160

2 BR

$2,560

3 BR

$3,080

4 BR+

$3,390

Research median

$2,560/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

Cheapest month to sign

February. Asking rents in ZIP 02038 usually run 2.2% below trend in February and 2.4% above it in July, about $117 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 02038 is at its highest level since Zillow's records here began in September 2021.

Past year vs. the rest of Massachusetts

Rent in ZIP 02038 changed +4.0% over the year to September 2026. Across the 140 Massachusetts ZIP codes Zillow tracks, the typical change was +3.0%.

Recent direction

Rent has risen 3 months in a row, and rose in 8 of the last 12 months.

What a typical income covers

30% of the median household income ($145,773) is $3,644 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($3,390).

Cheaper nearby

ZIP 02762, 6 miles away, rents for 10% less ($2,273/mo), about $3,100 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 02038. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$30,408/yr

At $2,534/mo median

Location

CityFranklin

StateMA

CountyNorfolk County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (4.0% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+4.0% YoY, +0.4% MoM), not inventory.

Demographics

Who lives here

ZIP 02038 (Franklin, MA) is majority owner-occupied, has a median income above the national average, 58.1% of residents hold a bachelor's degree or higher.

Population

33,154

Median income

$145,773

Median age

41.3

Renters

21.8%

Age distribution

21.1%

21.4%

28.1%

14.7%

Under 1821.1%

18–3421.4%

35–5428.1%

55–6414.7%

65+14.7%

Gender

48.2%

51.8%

Male48.2%

Female51.8%

Race & ethnicity

83.9%

White83.9%

Black2.1%

Hispanic5.3%

Asian6.1%

Other2.6%

Education (25+)

16.4%

23.2%

58.1%

No HS diploma2.4%

HS diploma16.4%

Some college23.2%

Bachelor's+58.1%

Housing tenure

78.2%

21.8%

Owner78.2%

Renter21.8%

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

2022 vs 2026

How ZIP 02038 in Franklin, MA has changed in 5 years

Rent

$2,117 → $2,534

up 19.7%

Income

$127,608 → $145,773

up 14.2%

Population

33,057 → 33,154

up 0.3%

Renter share

20% → 21.8%

+1.8 pts

Bachelor's+

54.7% → 58.1%

+3.4 pts

Compared with 2022, rent in ZIP 02038 in Franklin, MA has climbed by $417 per month, settling near $2,534 after starting the period at $2,117. Census figures show median household income at $145,773 today, compared with $127,608 five years earlier. Rent outpaced income growth by roughly 5.5 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. About 21.8% of households rent today, against 20% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 54.7% to 58.1%. The combined trend lines point to a market that has changed measurably from where it stood in early 2022.

Community

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About renting in ZIP 02038

Last updated: October 17, 2026

ZIP code 02038 covers Franklin, MA. The median rent here is $2,534/mo as of October 2026. A 1-bedroom rents for a median of $2,160/mo. A 2-bedroom rents for a median of $2,560/mo.

At 21% of local median household income ($145,773/yr), ZIP 02038 ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.0% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 02038?

To keep rent at or below 30% of gross income, you would need to earn at least $101,000/year (about $49/hour full-time) to afford the median rent of $2,534/mo in ZIP 02038. The local median household income is $145,773/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 02038?

Rent in ZIP 02038 has risen 4.0% over the past year as of September 2026. That is the highest level since Zillow's records here began in September 2021.

When is the cheapest time to rent in ZIP 02038?

Asking rents in ZIP 02038 are usually lowest in February, about 2.2% below their yearly trend, and highest in July, about 2.4% above it. At today's median that is a gap of roughly $117 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 02038 compare to other ZIPs in Massachusetts?

ZIP 02038 is in the middle among Massachusetts ZIP codes for rent, ranking #109 of 164 at $2,534/mo. Over the year to September 2026, rent in ZIP 02038 changed +4.0%, against a typical +3.0% across the 140 Massachusetts ZIP codes Zillow tracks.