Location: Fitchburg-Leominster, MA | Metro: Fitchburg-Leominster, MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,370 |
| 1 Bedroom | $1,640 |
| 2 Bedrooms | $1,980 |
| 3 Bedrooms | $2,510 |
| 4 Bedrooms | $2,940 |
| 5 Bedrooms | $3,410 |
| 6 Bedrooms | $3,819 |
| 7 Bedrooms | $4,125 |
| 8 Bedrooms | $4,331 |
U.S. Census Bureau data (2024)
48.8% of residents in ZIP 01438 are renters, indicating a strong demand for rental properties. This statistic aligns with the $1660 Fair Market Rent (FMR) set for the area in fiscal year 2024, which is the benchmark used by the Department of Housing and Urban Development (HUD) to determine payment standards for Section 8 housing vouchers. The FMR reflects the average rent for a modest apartment in the area and is crucial for landlords and small-portfolio investors looking to understand the rental market dynamics. Given that the market rent data is not available, it's prudent to use the FMR as a guideline for setting competitive rental rates. Similarly, the lack of data on median home values suggests that the focus should remain on the rental sector rather than speculative home purchases. The absence of detailed information on median income and days on market (DOM) highlights a need for further local research to refine investment strategies. However, the significant renter share indicates that there is a substantial portion of the population relying on rental housing, making it a viable option for those interested in the Section 8 program. The percentage of price-cut shares being unavailable also points to a stable pricing environment without frequent discounts, which can be favorable for maintaining steady cash flows. In conclusion, the high renter share coupled with a defined FMR suggests that ZIP 01438 could be a good target for Section 8 investments, provided the landlord adheres to HUD guidelines and maintains properties at the required standard.
Section 8 Verdict: Suitable for Section 8 investments due to the 48.8% renter share and defined $1660 FMR for 2024.
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.