Location: Springfield, MA | Metro: Springfield, MA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,100 |
| 1 Bedroom | $1,250 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $1,920 |
| 4 Bedrooms | $2,070 |
| 5 Bedrooms | $2,401 |
| 6 Bedrooms | $2,689 |
| 7 Bedrooms | $2,904 |
| 8 Bedrooms | $3,049 |
U.S. Census Bureau data (2024)
ZIP code 01097 is located in the town of Wendell, Massachusetts. Wendell is a rural community with a small population of 143 residents, making it an ideal location for those seeking a quiet, peaceful environment. A significant portion of the residents—54.5%—are renters, indicating a steady demand for rental properties in the area.
The median income and median home value for ZIP 01097 are not available, which suggests limited data on the economic status of the town. However, the Fair Market Rent (FMR) for the area is set at $1220 for the fiscal year 2024. This figure is crucial for Section 8 landlords and small-portfolio investors as it represents the maximum allowable rent for subsidized housing units under the program.
Given the lack of specific market rent data, the FMR serves as a reliable benchmark for rental pricing in Wendell. For hands-off voucher operators, ZIP 01097 offers a stable investment opportunity with a clear guideline for setting rents. The low population density and high percentage of renters indicate a manageable number of potential tenants, simplifying the management process.
On the other hand, for hands-on value-add buyers, Wendell presents a challenge due to the limited population and unknown market dynamics. Without detailed market rent figures, it's difficult to assess the potential for increasing property values through improvements. However, the rural setting could attract buyers looking for a quieter lifestyle, potentially offering opportunities for niche investments.
In summary, ZIP 01097 is well-suited for hands-off Section 8 operators who can rely on the FMR of $1220 to guide their rental pricing. For value-add investors, the area requires further research to understand local market conditions and identify opportunities for enhancing property value.
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.