Location: Boston-Cambridge-Quincy, MA | Metro: Boston-Cambridge-Quincy, MA-NH 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 | $2,290 |
| 1 Bedroom | $2,360 |
| 2 Bedrooms | $2,820 |
| 3 Bedrooms | $3,360 |
| 4 Bedrooms | $3,710 |
| 5 Bedrooms | $4,304 |
| 6 Bedrooms | $4,820 |
| 7 Bedrooms | $5,206 |
| 8 Bedrooms | $5,466 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,360 | $268,123 | 0.88% | C |
| 2BR | $2,820 | $571,913 | 0.49% | F |
| 3BR | $3,360 | $656,702 | 0.51% | F |
| 4BR | $3,710 | $824,351 | 0.45% | F |
| 5BR | $4,304 | $910,437 | 0.47% | F |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 01701, Framingham, MA, reveals a favorable environment for rental properties. The HUD Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $2740, which is notably higher than the Zillow Observed Rent Index (ZORI) of $2,355. This means that voucher tenants can cashflow comfortably at the HUD FMR, providing a significant buffer over the average market rent.
To understand the financial landscape further, consider the median home value in the area, which stands at $705,058. Using this figure, we calculate a rent-to-price ratio of approximately 0.33%, indicating that rental income is relatively low compared to property values. However, this does not necessarily detract from the investment potential, especially given the strong demand for affordable housing.
The rental market shows a robust demand, with a 7-day median Days on Market (DOM), suggesting that listings are moving quickly. Additionally, the price-cut share of 0.2% indicates that few landlords are needing to lower their rates to attract tenants, a sign of a healthy rental market. These factors point to a scenario where the supply of rental properties is well-matched with the demand, supporting stable occupancy rates.
In conclusion, the strongest angle for Section 8 investors in ZIP 01701 is cashflow. The disparity between the HUD FMR and the market rent ensures that voucher tenants will cover expenses and provide a reliable source of income, making it an attractive option for landlords and small-portfolio investors seeking consistent returns.
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.