Section 8 Fair Market Rent (FMR) for ZIP 01778 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 01778

• 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

To determine if a landlord should buy in ZIP code 01778 (Wayland, MA) for Section 8 investments, follow these steps:

• Does the Fair Market Rent (FMR) of $3,350 cover the debt service on a property valued at $1,149,457?
  • If yes: The FMR is sufficient to ensure that the rental income will meet the mortgage payments and other costs associated with owning the property. This makes Wayland a viable option for Section 8 investment.
  • If no: The FMR does not cover the debt service, which means the landlord would need to rely on additional sources of income or consider properties with lower valuations to make the investment feasible.
• Is the market rent ($3,365 ZORI) above, at, or below the FMR?
  • If above: The market rent is higher than the FMR, indicating a strong local rental market. Landlords can potentially earn more by renting to non-Section 8 tenants, but they must still consider the demand for Section 8 housing.
  • If at or below: The market rent aligns closely with or is less than the FMR, suggesting that there is little premium over the subsidized rates. This could be advantageous for landlords seeking to participate in the Section 8 program without facing significant rent gaps.
• Are 12.6% renters plus a 22-day Days on Market (DOM) indicative of enough demand for Section 8 units?
  • If yes: The combination of a moderate rental population and relatively quick turnover times suggests a stable demand for rental properties, including those that accept Section 8 vouchers. This environment supports the financial viability of such an investment.
  • If no: With a low percentage of renters and longer DOM periods, the demand for rental properties, especially those participating in the Section 8 program, may not be robust. Landlords might struggle to find tenants willing to use their vouchers in this area, impacting the investment's profitability.

The final decision to invest in Wayland, MA, for Section 8 properties hinges on these factors. A positive answer to all three questions indicates a favorable climate for such investments. However, if any of the answers are negative, further analysis is required to assess whether the benefits outweigh the drawbacks.

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.