Location: Franklin County, MA | Metro: Franklin County, MA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,410 |
| 1 Bedroom | $1,550 |
| 2 Bedrooms | $2,020 |
| 3 Bedrooms | $2,410 |
| 4 Bedrooms | $2,660 |
| 5 Bedrooms | $3,086 |
| 6 Bedrooms | $3,456 |
| 7 Bedrooms | $3,732 |
| 8 Bedrooms | $3,919 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1450 for ZIP 01380 will sufficiently cover the mortgage on a property. The data does not provide a direct comparison between the FMR and typical mortgage payments for homes in this ZIP code. However, it is important to note that the FMR is set to ensure that properties are affordable for low-income households, which means it should be reflective of the average rental market.
The investor may also doubt if there is enough renter demand at 0.0%. This percentage likely refers to the occupancy rate or the change in demand over time, indicating no growth or decline. The lack of a specific figure here suggests that the rental market is stable, but it does not necessarily indicate a high level of demand. To understand demand better, one would need to consider factors such as population trends, employment rates, and the number of rental units available in ZIP 01380.
Another concern could be whether vouchers will keep pace with the market rents in ZIP 01380. The FMR data provided by HUD is designed to adjust annually based on changes in the local housing market. Therefore, while the exact market rents for ZIP 01380 are not specified, the FMR of $1450 serves as a benchmark for what voucher holders can afford. If market rents rise, the FMR is expected to follow suit, ensuring that vouchers remain relevant.
To summarize, the FMR of $1450 is a key figure for understanding the affordability of properties in ZIP 01380. While it does not directly cover the mortgage on a property, it reflects the average rental market price. The occupancy rate or demand at 0.0% indicates stability rather than a lack of demand. Lastly, the voucher system is designed to adapt to market changes, though specific market rent figures are not provided in the data.
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.