Location: Pittsfield, MA | Metro: Pittsfield, MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,320 |
| 1 Bedroom | $1,330 |
| 2 Bedrooms | $1,730 |
| 3 Bedrooms | $2,320 |
| 4 Bedrooms | $2,890 |
| 5 Bedrooms | $3,352 |
| 6 Bedrooms | $3,754 |
| 7 Bedrooms | $4,054 |
| 8 Bedrooms | $4,257 |
U.S. Census Bureau data (2024)
The ZIP code 01224, located in Florida, has a population of 228 individuals, with 12.4% being renters. The median household income is $76,222. This indicates that the area is primarily homeowner-dominated rather than renter-heavy, which suggests that the demand for Section 8 vouchers will be relatively low compared to areas with higher percentages of renters.
Given the limited data on market rent for this specific ZIP code, it's challenging to provide an exact percentage of how much rent eats into local income. However, we can compare the median income to the Fair Market Rent (FMR), which is set at $1810 per month for FY 2024. Assuming a standard two-bedroom rental unit, a household earning the median income would spend approximately 29% of their monthly income on rent, based on the FMR figure. This is calculated by taking the annual median income ($76,222) and dividing it by 12 months, then comparing that to the FMR. For context, a typical two-bedroom unit would cost around $1810 per month, whereas the monthly income derived from the median would be about $6,351.75.
The FMR is a useful benchmark for understanding the financial landscape for potential Section 8 tenants. In ZIP 01224, landlords should expect tenants who qualify for Section 8 vouchers to have a household income that is significantly lower than the median. The voucher amount is designed to cover a substantial portion of the rent, making it easier for lower-income families to afford housing. With the FMR at $1810, landlords can anticipate that their Section 8 tenants will be families with incomes below the median, likely earning less than half of the median income to qualify for assistance.
To attract Section 8 tenants effectively, landlords must ensure they meet all HUD requirements and are willing to accept the voucher program's terms. While the voucher demand might not be as high due to the low percentage of renters, the income disparity between the median and those needing assistance underscores the importance of having properties that appeal to a broad range of tenants. Landlords should prepare for tenants who may need additional support in managing their finances and adhering to lease agreements.
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.