Section 8 Fair Market Rent (FMR) for ZIP 01703 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 01703 in fiscal year 2024 is set at $2870. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit in this area. It's important to note that this is not the rent you will receive; it's the ceiling for what the housing authority will pay on behalf of the tenant.

While the local median rent is listed as N/A, the FMR provides a benchmark for understanding what tenants can afford through the Section 8 program. The N/A% of residents who are renters indicates the level of demand for rental properties in this area. If this percentage is high, it suggests a strong market for rentals, including those under Section 8.

The acquisition cost for rental properties in ZIP 01703 is also listed as N/A. However, if you're considering purchasing a property specifically for Section 8, ensure that the FMR covers your costs and provides a reasonable profit margin. This includes mortgage payments, maintenance, insurance, and other expenses associated with owning a rental property.

Before making a decision to enter into a Section 8 agreement, verify that the property meets all necessary standards and criteria set by the housing authority. This is crucial because failing to meet these requirements can result in penalties or even termination of the contract. Ensure that the unit is in good condition and complies with safety and health regulations.

Data Sources: FMR data from HUD (2027).

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.