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 | $1,340 |
| 1 Bedroom | $1,510 |
| 2 Bedrooms | $1,910 |
| 3 Bedrooms | $2,380 |
| 4 Bedrooms | $2,510 |
| 5 Bedrooms | $2,912 |
| 6 Bedrooms | $3,261 |
| 7 Bedrooms | $3,522 |
| 8 Bedrooms | $3,698 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,910 | $278,727 | 0.69% | D |
| 3BR | $2,380 | $318,922 | 0.75% | D |
| 4BR | $2,510 | $355,393 | 0.71% | D |
U.S. Census Bureau data (2024)
The ZIP code 01119 in Springfield, MA, is home to 13,616 residents, with 23.5% being renters. This indicates that while there is a notable rental population, it is not overwhelmingly renter-heavy. The median household income stands at $57,857, which provides a benchmark for assessing the financial situation of potential tenants.
The market rent for the area is $1,106, representing approximately 22.5% of the median household income. This suggests that typical rent consumes a significant portion of local incomes, but still leaves room for other expenses. Comparatively, the Fair Market Rent (FMR) for ZIP 01119, set at $1440 for FY 2024, is higher than the current market rent, indicating that the actual rents are below the federal guidelines. This difference can be advantageous for landlords, as it means they might attract tenants who qualify for housing vouchers due to lower market rents.
In terms of voucher availability, the demand is likely to be substantial given the percentage of renters and the income levels. However, the supply may be constrained by the broader economic conditions and the allocation of vouchers within the city. Landlords should expect a mix of tenants, some of whom will rely on Section 8 vouchers to cover their rent, while others might pay market rates.
The typical tenant profile in this area would include individuals and families whose income is less than 50% of the area median income, as required by the Section 8 program. These tenants will have a strong need for affordable housing and will seek properties where the rent does not exceed their voucher amount. Given the FMR of $1440, landlords can anticipate that many voucher holders will be able to afford units priced at or slightly above the current market rent of $1,106.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.