Location: Worcester, MA | Metro: Worcester, MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,430 |
| 1 Bedroom | $1,440 |
| 2 Bedrooms | $1,860 |
| 3 Bedrooms | $2,300 |
| 4 Bedrooms | $2,550 |
| 5 Bedrooms | $2,958 |
| 6 Bedrooms | $3,313 |
| 7 Bedrooms | $3,578 |
| 8 Bedrooms | $3,757 |
U.S. Census Bureau data (2024)
75.2% of residents in ZIP 01074 (, DE) are renters, indicating a strong demand for rental properties in the area. This high percentage of renters makes it an attractive market for landlords and small-portfolio investors looking to capitalize on the housing needs of the local population. $1500 is the Fair Market Rent (FMR) set for ZIP 01074 for fiscal year 2024, which represents the maximum amount a Section 8 voucher holder can pay for housing. In contrast, the actual market rent, according to the Census ACS, stands at $962, suggesting a significant gap between what the government will subsidize and what tenants might typically find available on the open market.
$79,583 is the median income in ZIP 01074, which is important to consider when evaluating the financial stability of potential tenants. While this figure provides insight into the average earnings, the disparity between the FMR and market rent highlights the necessity for many individuals to rely on subsidies such as Section 8 vouchers. The absence of data for median home value and days on market (DOM) indicates that there might be limited sales activity or that the data is not readily available, but this does not detract from the strong rental market presence.
The lack of percentage for price-cut share also suggests that property values in ZIP 01074 are relatively stable, without the need for frequent price adjustments. For landlords and investors, the combination of a high renter share and a substantial difference between FMR and market rent presents a unique opportunity to secure steady cash flow while potentially charging less than the fair market rate. This strategy can help attract Section 8 voucher holders who might otherwise struggle to find suitable housing within their budget constraints.
In conclusion, ZIP 01074 offers a robust rental market environment, particularly favorable for Section 8 participation due to the significant gap between FMR and market rent rates. The high percentage of renters and stable income levels make this area a viable option for those interested in tapping into the federal housing assistance program.
Verdict: ZIP 01074 is a good fit for Section 8 investments, given the high renter share and favorable FMR-market rent dynamics.
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.