Location: Worcester, MA | Metro: Worcester, MA HUD Metro FMR Area
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 | $1,430 |
| 1 Bedroom | $1,440 |
| 2 Bedrooms | $1,860 |
| 3 Bedrooms | $2,300 |
| 4 Bedrooms | $2,550 |
| 5 Bedrooms | $2,958 |
| 6 Bedrooms | $3,313 |
| 7 Bedrooms | $3,578 |
| 8 Bedrooms | $3,757 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,440 | $356,030 | 0.4% | F |
| 2BR | $1,860 | $387,003 | 0.48% | F |
| 3BR | $2,300 | $518,017 | 0.44% | F |
| 4BR | $2,550 | $640,095 | 0.4% | F |
| 5BR | $2,958 | $674,444 | 0.44% | F |
U.S. Census Bureau data (2024)
ZIP code 01507, located in Charlton, MA, falls within the broader Worcester, MA HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 01507 in fiscal year 2024 is set at $1,500. This is higher than the average market rent of $1,381, indicating that the rental prices in Charlton are slightly above what is considered fair market value.
The median home value in ZIP 01507 is $525,095. This figure is reflective of the overall housing market in the Worcester area, suggesting that Charlton maintains similar property values to other parts of the metro. With a renter share of 15.1%, Charlton has a slightly lower percentage of renters compared to the typical ZIP codes within the Worcester metro area, which often have a higher proportion of renters.
Given the specific figures, ZIP 01507 can be characterized as a mid-tier neighborhood within the Worcester, MA HUD Metro FMR Area. It offers rental properties at a premium compared to the market rate but maintains comparable home values to the rest of the metro. However, the lower renter share suggests that it may not be as attractive to renters as other areas within the same metro.
Notably, the divergence between the higher FMR and the slightly lower renter share does not necessarily signal a Section 8 sweet spot. For a ZIP code to be considered particularly favorable for Section 8 tenants, it would typically exhibit both a high renter share and below-metro average home values. In this case, while the FMR is higher, the home values remain consistent with the broader Worcester market, and the renter share is not exceptionally high.
To further analyze the potential for Section 8 in ZIP 01507, consider the following:
In conclusion, ZIP 01507 appears to be a mid-tier neighborhood within the Worcester metro, offering a balanced approach to rental and home values without the characteristics that typically define a Section 8 sweet spot.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.