Location: Lawrence, MA | Metro: Lawrence, MA-NH HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,470 |
| 1 Bedroom | $1,590 |
| 2 Bedrooms | $2,080 |
| 3 Bedrooms | $2,480 |
| 4 Bedrooms | $2,730 |
| 5 Bedrooms | $3,167 |
| 6 Bedrooms | $3,547 |
| 7 Bedrooms | $3,831 |
| 8 Bedrooms | $4,023 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,080 | $536,606 | 0.39% | F |
| 3BR | $2,480 | $691,510 | 0.36% | F |
| 4BR | $2,730 | $857,607 | 0.32% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 01834, Groveland, MA, stands at $141,487. This robust earning power suggests that households could potentially afford the market rate rent of $1,825 per month, according to Census ACS data. However, the reality is more nuanced when considering the Federal Market Rent (FMR) standard set at $1,980 for zip code 01834 for fiscal year 2024. This indicates that the actual affordable rent level for a household receiving a Section 8 voucher is slightly above the market rate, creating an interesting dynamic for landlords.
Given that only 9.7% of the population are renters and the total population is 6,777, the rental market in Groveland is relatively small. The affordability gap between the market rate and the FMR suggests that landlords might face limited competition from other property owners, especially those who do not accept vouchers. This scenario can work to the advantage of landlords willing to participate in the voucher program, as they can tap into a segment of the market that otherwise would have difficulty finding suitable housing.
For landlords considering whether to accept Section 8 vouchers or focus on cash-paying tenants, the key takeaway is that while the rental market is competitive, the demand for affordable housing supported by vouchers remains significant. By accepting vouchers, landlords can ensure steady income, albeit at a fixed rate, which is still competitive given the context of Groveland’s rental market. Cash-paying tenants may offer higher rents but also come with their own set of challenges, such as screening for financial stability and managing the risk of non-payment.
In conclusion, Groveland’s rental market presents a balanced opportunity for landlords. They should weigh the benefits of guaranteed payments through the voucher program against the potential for higher rents from cash-paying tenants, keeping in mind the small but stable pool of renters who rely on assistance to meet housing costs.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.