Location: Springfield, MA | Metro: Springfield, MA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,250 |
| 2 Bedrooms | $1,580 |
| 3 Bedrooms | $1,970 |
| 4 Bedrooms | $2,080 |
| 5 Bedrooms | $2,413 |
| 6 Bedrooms | $2,703 |
| 7 Bedrooms | $2,919 |
| 8 Bedrooms | $3,065 |
U.S. Census Bureau data (2024)
22.6% of residents in ZIP code 01079 are renters, indicating a significant portion of the population relies on rental housing. This statistic aligns with the Fair Market Rent (FMR) set at $1590 for the area in fiscal year 2024, which represents the upper limit for Section 8 rental assistance payments. Given the N/A status for both market rent and median home value, it's challenging to compare these figures directly; however, the median income of $70,588 provides a useful benchmark for assessing affordability. Landlords and small-portfolio investors should note that the rental market in this area is heavily influenced by the availability of affordable housing options, as evidenced by the reliance on Section 8 vouchers among renters.
The absence of data for days on market (DOM) and the percentage of price-cut shares suggests a stable market where properties are either sold quickly or without significant adjustments to their asking price. For investors considering the Section 8 program, the $1590 FMR must be considered alongside the local economic conditions, particularly the median income. The program's payment standards ensure that low-income families can afford decent housing, making it an attractive option for those who qualify. However, landlords need to balance the guaranteed rental income against potential management challenges associated with the program.
In ZIP 01079, the Section 8 program is a viable option for landlords and small-portfolio investors looking to serve a substantial segment of the local rental market while receiving consistent rental payments. The $1590 FMR is designed to reflect the cost of housing in the area, ensuring that it remains within reach for many of the 22.6% of renters. Despite the lack of specific market rent and median home value data, the median income figure of $70,588 offers insight into the financial capabilities of the local population, supporting the notion that the FMR is appropriately set to accommodate a wide range of tenants.
Section 8 Verdict: Acceptable for landlords seeking stable income in a region with a high renter dependency.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.