Location: Worcester, MA | Metro: Worcester, MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,570 |
| 1 Bedroom | $1,580 |
| 2 Bedrooms | $2,040 |
| 3 Bedrooms | $2,560 |
| 4 Bedrooms | $2,910 |
| 5 Bedrooms | $3,376 |
| 6 Bedrooms | $3,781 |
| 7 Bedrooms | $4,083 |
| 8 Bedrooms | $4,287 |
U.S. Census Bureau data (2024)
ZIP code 01542 is located in a serene, upscale neighborhood in Hadley, MA, known for its high quality of life and attractive residential properties. With a total population of 2,615, the area is predominantly composed of homeowners, as only 15.2% of residents are renters. The median household income stands at a robust $96,111, indicating a community where residents have substantial financial stability. This is further underscored by the median home value, which is impressively high at $495,024, reflecting the desirability and investment potential of the local real estate market.
The rental economics in Hadley are quite interesting. According to the Fair Market Rent (FMR) data for ZIP 01542 for fiscal year 2024, the FMR is set at $1,730 per month. In contrast, the average market rent, based on Census ACS data, is lower at $1,474 per month. This discrepancy suggests that there might be opportunities for landlords who can offer competitive amenities or locations within the zip code to command higher rents closer to the FMR levels.
Given these dynamics, ZIP 01542 would likely appeal more to a hands-on value-add buyer rather than a hands-off voucher operator. The potential for increasing rents above the market average, combined with the relatively low percentage of renters, means that a landlord must be proactive in managing their properties to maximize returns. A hands-off approach may result in missed opportunities to capitalize on the strong economic indicators of the area. Conversely, a hands-on strategy, involving property upgrades and strategic pricing, could lead to significant gains in both occupancy rates and rental income.
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.