Location: Berkshire County, MA | Metro: Berkshire County, MA (part) HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,410 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,860 |
| 3 Bedrooms | $2,540 |
| 4 Bedrooms | $3,110 |
| 5 Bedrooms | $3,608 |
| 6 Bedrooms | $4,041 |
| 7 Bedrooms | $4,364 |
| 8 Bedrooms | $4,582 |
U.S. Census Bureau data (2024)
The ZIP code 01244 in Florida has a median household income of $75,833. However, there is insufficient data to determine the exact market rate for rental properties in this area, indicated by the N/A value. This lack of information makes it challenging to assess whether a household can afford typical market rates.
Comparatively, the Fair Market Rent (FMR) for ZIP 01244 in fiscal year 2024 is set at $1,520. Given the low number of renters—only 0.0% of the 271-person population—and the limited data on market rates, it is evident that the rental market in this area is quite sparse. The affordability gap, therefore, is significant, as households earning the median income would likely find even the FMR of $1,520 challenging without additional financial assistance such as vouchers.
For landlords, this means that competition for tenants may be minimal, but attracting and retaining renters could prove difficult due to the high cost relative to the median income. Landlords should consider the benefits of accepting Section 8 vouchers, which ensure a steady stream of income at the FMR level of $1,520. While cash-paying tenants might offer higher rents, they are less likely to be found given the current economic landscape and the small rental population.
The takeaway for landlords is clear: accepting vouchers can provide a reliable source of income and access to a pool of tenants who might otherwise struggle to find affordable housing. Despite the administrative complexities, the strategy aligns well with the economic realities of the area, ensuring a consistent occupancy rate and avoiding the risks associated with a volatile rental market.
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.