Location: Boston-Cambridge-Quincy, MA | Metro: Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $3,660 |
| 1 Bedroom | $3,770 |
| 2 Bedrooms | $4,510 |
| 3 Bedrooms | $5,370 |
| 4 Bedrooms | $5,930 |
| 5 Bedrooms | $6,879 |
| 6 Bedrooms | $7,704 |
| 7 Bedrooms | $8,320 |
| 8 Bedrooms | $8,736 |
U.S. Census Bureau data (2024)
The investment landscape in ZIP code 01731, located in Illinois, presents several challenges that could impact a landlord's financial performance. Tenant turnover is a significant risk factor, with market rents averaging $3,408 compared to the Fair Market Rent (FMR) of $4,240 for fiscal year 2024. This disparity indicates a potential mismatch between the rental rates landlords can realistically charge and the higher FMR, which might lead to frequent tenant changes as individuals seek more affordable housing.
Vacancy exposure is another concern. The average days on market (DOM) for properties in this area is currently unknown, which makes it difficult to predict how long a unit might remain vacant between tenants. A prolonged vacancy period can significantly reduce a landlord's income and increase the financial burden of maintaining an empty property.
Deferred maintenance is also a risk, especially considering the median income of $104,688 in the area. While this suggests that residents have a relatively high capacity to afford living expenses, the typical home value being unavailable implies that there may be a lack of data regarding the overall condition and quality of housing stock. This uncertainty can lead to unexpected repair costs and maintenance issues that landlords must address to keep their properties habitable.
However, these risks are tempered by the high renter share in the area, which stands at 100.0%. Such a high percentage of renters usually translates into a robust demand for housing, including units that accept Section 8 vouchers. Landlords in ZIP 01731 can leverage this high renter density to ensure steady occupancy rates and minimize the impact of vacancy periods.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.