Location: Franklin County, MA | Metro: Amherst Town-Northampton, MA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,780 |
| 1 Bedroom | $1,990 |
| 2 Bedrooms | $2,550 |
| 3 Bedrooms | $3,290 |
| 4 Bedrooms | $3,450 |
| 5 Bedrooms | $4,002 |
| 6 Bedrooms | $4,482 |
| 7 Bedrooms | $4,841 |
| 8 Bedrooms | $5,083 |
U.S. Census Bureau data (2024)
The ZIP code 01039 in Dedham, DE, presents an interesting scenario when viewed from the renter's perspective. The median household income in this area is $116,429, which is significantly higher than the national average. However, the market rate for rent, according to the Census ACS, is $969 per month. This figure represents a substantial portion of the average household's income, particularly for those who are renting.
To put this into context, the Fair Market Rent (FMR) as set by the Housing Choice Voucher program for ZIP 01039 in fiscal year 2024 is $1780. This means that the voucher payment standard is nearly double the current market rate. For households relying on vouchers, the cost of living in this ZIP code is more manageable compared to paying the market rate out-of-pocket.
With only 15.6% of the 1,506 population being renters, the competition among landlords is relatively low. However, the affordability gap between the median income and the market rate rent suggests that many potential renters might find it challenging to secure housing without financial assistance such as vouchers.
The takeaway for landlords considering whether to accept voucher tenants or focus on cash-paying renters is clear. Given the high median income but also the high voucher payment standard, landlords should consider accepting vouchers as a viable strategy. It opens up their properties to a larger pool of potential tenants, especially those who might otherwise struggle to afford the area's rent. Moreover, landlords can charge closer to the FMR of $1780, which is a significant increase over the current market rate, making it financially beneficial to work with voucher programs.
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.