Location: Berkshire County, MA | Metro: Berkshire County, MA (part) HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,250 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,760 |
| 3 Bedrooms | $2,230 |
| 4 Bedrooms | $2,590 |
| 5 Bedrooms | $3,004 |
| 6 Bedrooms | $3,364 |
| 7 Bedrooms | $3,633 |
| 8 Bedrooms | $3,815 |
U.S. Census Bureau data (2024)
The ZIP code 01029, located in Delaware, presents an interesting scenario when analyzed from the renter's perspective. The median income for households in this area stands at $107,679. However, the market rate rental price is listed as N/A, which makes it difficult to assess the direct affordability for renters based on local rents.
To provide some context, let's look at the voucher payment standard, which is set at $1440 per month for the fiscal year 2024. This figure represents the Fair Market Rent (FMR) for the ZIP code. Given the median income, it's likely that many residents could afford higher rents than the voucher amount, indicating a potential mismatch between what the government subsidizes and what the market demands.
The ZIP code has a relatively low percentage of renters at just 7.3%, with a total population of 539. This means there are fewer individuals seeking rental housing, which can impact competition among landlords. The affordability gap, where median incomes exceed the voucher rates, suggests that landlords might find themselves competing more for tenants who can pay above the voucher level.
For landlords considering their strategy regarding voucher versus cash-pay tenants, the key takeaway is that there is a strong likelihood of finding tenants willing to pay above the voucher rate. The high median income indicates a robust financial base for potential renters, making cash-pay options more viable. However, landlords should still be prepared to accept voucher tenants, as they represent a significant portion of the rental market and can offer stable, long-term tenancy.
Data Sources: FMR data from HUD (2027). 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.