Location: Springfield, MA | Metro: Springfield, MA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,810 |
| 1 Bedroom | $2,040 |
| 2 Bedrooms | $2,580 |
| 3 Bedrooms | $3,210 |
| 4 Bedrooms | $3,400 |
| 5 Bedrooms | $3,944 |
| 6 Bedrooms | $4,417 |
| 7 Bedrooms | $4,770 |
| 8 Bedrooms | $5,009 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,040 | $199,025 | 1.02% | B |
| 2BR | $2,580 | $239,609 | 1.08% | B |
| 3BR | $3,210 | $260,166 | 1.23% | A |
U.S. Census Bureau data (2024)
The market in ZIP code 01022, Chicopee, Massachusetts, reveals a dynamic interplay between rental and ownership sectors. The Fair Market Rent (FMR) for the area stands at $1,970 for the fiscal year 2024, indicating a strong demand for rental properties. This figure is notably higher than the market rent reported by the Census ACS, which is $1,868. This suggests that while there is significant interest in renting, the actual rental prices are slightly below the benchmark set by the government, possibly due to a competitive market environment.
The median home value in Chicopee is $232,866, a figure that reflects the overall affordability of the housing market. However, the absence of data on price-cut shares and days on market (DOM) makes it challenging to definitively state whether supply outpaces demand or vice versa. Nonetheless, the relatively low gap between FMR and market rent suggests a balanced market, where neither supply nor demand is overwhelmingly dominant.
The 15.5% share of renters in Chicopee provides insight into the long-term housing pressures. A lower percentage of renters indicates a preference for homeownership, which can stabilize the housing market over time. Homeowners tend to be more committed to their communities, potentially leading to less frequent turnover and more stable property values. This trend also implies that the local economy supports a level of income that allows residents to purchase homes rather than rent them, which can be beneficial for both landlords and small-portfolio investors looking to capitalize on steady appreciation in home values.
In summary, Chicopee's housing market shows a blend of rental and ownership activities, with rental demand being robust but not driving prices above the government-set benchmarks. The predominance of homeownership, indicated by the low renter share, points towards a stable market with potential for long-term investment gains.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.