Location: Western Worcester County, MA | Metro: Western Worcester County, MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,470 |
| 1 Bedroom | $1,480 |
| 2 Bedrooms | $1,910 |
| 3 Bedrooms | $2,640 |
| 4 Bedrooms | $3,190 |
| 5 Bedrooms | $3,700 |
| 6 Bedrooms | $4,144 |
| 7 Bedrooms | $4,476 |
| 8 Bedrooms | $4,700 |
U.S. Census Bureau data (2024)
1370 - The Fair Market Rent (FMR) for ZIP code 01094 in fiscal year 2024 is set at $1370. This figure represents the maximum amount that landlords can charge for a Section 8 voucher in this area.
N/A - Despite the established FMR, the market rent for the same zip code remains unspecified, indicating a lack of recent data on average rental prices in the area. This absence makes it challenging to compare the FMR with current market conditions directly.
N/A - Similarly, the median home value for ZIP 01094 is not available, suggesting limited data on property values which could be critical for understanding the overall real estate landscape.
0.0% - Renter share stands at an exceptionally low 0.0%, pointing to a predominantly owner-occupied community. This statistic implies that there might be fewer potential tenants interested in renting properties, which could affect demand.
N/A - Median income data for the area is also missing, making it difficult to assess the financial health of the local population and their ability to afford rents at or near the FMR.
N/A-day - The Days on Market (DOM) for properties in this area is not specified, which typically indicates how long a property stays on the market before being sold. Without this information, it's hard to gauge the speed of sales or the competitiveness of the housing market.
N/A% - Price-cut share, the percentage of homes that had their asking price reduced, is also unspecified. This metric would help understand if sellers are having to lower their prices to attract buyers, but without it, we cannot make such a determination.
Given the limited market data available for ZIP 01094, it appears that the local real estate market may be less active compared to other areas. With a renter share at 0.0%, landlords should be aware of potentially lower demand for rentals. However, the $1370 FMR provides a clear guideline for pricing properties under the Section 8 program. Landlords in this area must carefully consider the financial implications of relying on Section 8 vouchers, especially in light of the unspecified market rent and median income, which could impact the overall profitability and occupancy rates of their properties. In conclusion, while the FMR offers a stable income source, the lack of comprehensive market data suggests caution and thorough due diligence before investing in this area for Section 8 properties.
Section 8 Verdict: Suitable for cautious investment with reliance on FMR guidelines.
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.