Section 8 Fair Market Rent (FMR) for ZIP 01702 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 01702

• Cambridge Housing Authority (Cambridge, MA) - 7,597 Section 8 vouchers
• Lowell Housing Authority (Lowell, MA) - 1,405 Section 8 vouchers
• Somerville Housing Authority (Somerville, MA) - 1,358 Section 8 vouchers
• Medford Housing Authority (Medford, MA) - 1,194 Section 8 vouchers
• Framingham Housing Authority (Framingham, MA) - 1,065 Section 8 vouchers
• Malden Housing Authority (Malden, MA) - 983 Section 8 vouchers
• Chelmsford Housing Authority (Chelmsford, MA) - 891 Section 8 vouchers
• Waltham Housing Authority (Waltham, MA) - 455 Section 8 vouchers
• Newton Housing Authority (Newton Highlands, MA) - 446 Section 8 vouchers
• Arlington Housing Authority (Arlington, MA) - 427 Section 8 vouchers

The ZIP code 01702, located in Framingham, Massachusetts, is a bustling suburban area known for its proximity to Boston and its diverse community. The region offers a mix of residential neighborhoods and commercial spaces, making it attractive for both tenants and investors. Here's a concise market analysis based on recent data:

• Fair Market Rent (FMR) for ZIP 01702 in fiscal year 2024 is set at $2540. This figure represents the maximum amount that a household paying 30 percent of their income toward rent should pay, according to HUD guidelines.
• The market rent, as measured by Zillow's ZORI, stands at $2,304. This indicates the average rent price for a two-bedroom apartment in the area, slightly below the FMR but still indicative of a robust rental market.
• The median home value in ZIP 01702 is $565,374. This suggests a middle-class neighborhood where homeownership is a significant factor, yet the rental market remains strong due to the high cost of buying.
• Renters make up 65.5% of the housing market in this ZIP code. This high percentage of renters signals a vibrant demand for rental properties, driven by a mix of young professionals and families seeking affordable housing options.
• The median income for residents in ZIP 01702 is $82,496. With incomes above the national average, there is a strong financial base supporting the rental and housing market, ensuring steady demand and payment reliability.

The analysis highlights a solid rental market in ZIP 01702, with a high proportion of renters and median incomes that support rental affordability. Despite the median home values being relatively high, the rental market remains strong, indicating that investing in rental properties can be a lucrative opportunity. The slight difference between the ZORI and FMR suggests that while the market is competitive, there is room for landlords to adjust rents to remain within reasonable limits for potential tenants. Overall, the data points to a stable and promising investment environment for those interested in the rental sector in Framingham, MA.

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.