Location: Springfield, MA | Metro: Springfield, MA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,310 |
| 1 Bedroom | $1,470 |
| 2 Bedrooms | $1,860 |
| 3 Bedrooms | $2,320 |
| 4 Bedrooms | $2,450 |
| 5 Bedrooms | $2,842 |
| 6 Bedrooms | $3,183 |
| 7 Bedrooms | $3,438 |
| 8 Bedrooms | $3,610 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,470 | $153,945 | 0.95% | C |
| 2BR | $1,860 | $275,583 | 0.67% | D |
| 3BR | $2,320 | $307,271 | 0.76% | D |
| 4BR | $2,450 | $321,465 | 0.76% | D |
| 5BR | $2,842 | $379,582 | 0.75% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 01108, Springfield, MA, is set at $1380 for fiscal year 2024. This figure represents the payment standard for landlords participating in the Section 8 program, meaning it is the maximum amount the government will pay toward your tenant's rent. It does not reflect the actual rent you can charge, which should be market-driven.
In comparison, the Zillow Observed Rent Index (ZORI), which reflects the average rent prices in the area, is currently at $1,723. This suggests that the market rents are higher than the Section 8 payment standard, indicating that landlords would need to subsidize the difference if they wish to participate in the program. However, given that 54.9% of the population in Springfield are renters, there is a significant demand for affordable housing, making it likely that you will have tenants interested in your property.
If you're considering acquiring a new rental property in Springfield, MA, the median home value is approximately $294,323. This figure can help you estimate the acquisition cost of a property suitable for Section 8 tenants. Remember, the FMR is designed to cover the majority of rental units in an area, so properties priced around this median value are often competitive within the program.
Before you decide to enter the Section 8 market, ensure that your property meets all the necessary inspection criteria. The Housing Quality Standards (HQS) set by the Department of Housing and Urban Development (HUD) must be satisfied to qualify for the program. These standards include everything from basic safety requirements to maintenance of structural elements, ensuring that the property is safe and habitable for tenants.
In summary, while the FMR of $1380 might seem lower than the local average rent of $1,723, the high renter share of 54.9% ensures a strong demand for affordable housing. With a median home value of $294,323, you can find properties that fit within the Section 8 guidelines. Just make sure your property passes the HQS inspection to avoid any delays or disqualifications.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.