Location: Eastern Worcester County, MA | Metro: Eastern Worcester County, MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,390 |
| 1 Bedroom | $2,580 |
| 2 Bedrooms | $3,310 |
| 3 Bedrooms | $4,400 |
| 4 Bedrooms | $4,800 |
| 5 Bedrooms | $5,568 |
| 6 Bedrooms | $6,236 |
| 7 Bedrooms | $6,735 |
| 8 Bedrooms | $7,072 |
U.S. Census Bureau data (2024)
The market dynamics in ZIP 01745, located in Illinois, suggest a unique environment where homeownership is prevalent over renting. This is evidenced by the 0.0% renter share, indicating that virtually all residents own their homes. Such a high rate of homeownership can point to a stable, possibly affluent community where long-term housing pressures are minimal, as the need for rental properties is negligible.
Despite the lack of detailed market rent and price-cut share data, the Fair Market Rent (FMR) figure of $2270 for fiscal year 2024 provides insight into the rental market's valuation. Given the absence of rental units, it implies that if rental demand were to increase, the starting point for rental rates would be around $2270. However, with no median home value or days on market (DOM) information available, it is challenging to assess whether supply currently outpaces demand or vice versa. The scarcity of these metrics suggests a potential imbalance in the local real estate market, either due to limited supply or low demand for rental properties.
In a broader context, the high homeownership rate in ZIP 01745 indicates a strong preference among residents for owning property rather than renting. This could be due to various factors including financial stability, investment strategy, or local economic conditions that favor homeownership. For landlords and small-portfolio investors looking to enter this market, the data suggests a cautious approach, given the dominance of owner-occupied homes and the lack of substantial rental activity.
The trajectory of this market appears to be one of continued stability in terms of homeownership, with little indication of change based on the current snapshot. Investors should focus on understanding the underlying reasons for the high homeownership rate and the potential for shifts in housing preferences before making any investment decisions. The absence of specific rental market data underscores the importance of local research and networking to gain deeper insights into the real estate landscape of ZIP 01745.
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.