Location: Lowell, MA | Metro: Lowell, MA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,080 |
| 1 Bedroom | $2,290 |
| 2 Bedrooms | $2,980 |
| 3 Bedrooms | $3,600 |
| 4 Bedrooms | $3,920 |
| 5 Bedrooms | $4,547 |
| 6 Bedrooms | $5,093 |
| 7 Bedrooms | $5,500 |
| 8 Bedrooms | $5,775 |
The ZIP code 01853 encompasses a portion of the town of Wakefield, Massachusetts. This area is characterized by a suburban setting, offering residents a blend of residential tranquility and proximity to urban amenities. Despite the lack of specific demographic data, such as population size, percentage of renters, median income, and median home value, the area's appeal can be gauged through its rental economics.
The Fair Market Rent (FMR) for ZIP 01853 in fiscal year 2024 is set at $2540. This figure represents the maximum amount a landlord can charge for a Section 8 voucher holder. Comparing this to the unspecified local market rent, it becomes evident that the FMR is designed to reflect the general cost of living in the area, ensuring affordability for low-income families while providing landlords with a stable source of income.
Wakefield, as represented by ZIP 01853, is suitable for both hands-off voucher operators and hands-on value-add buyers. For those who prefer a passive approach, the stability of the FMR provides a predictable income stream, minimizing the risk associated with rent fluctuations. On the other hand, for investors interested in actively managing their properties, Wakefield offers opportunities to improve property values and potentially command higher rents outside of the Section 8 program.
The decision between these two investment strategies should be informed by the broader economic context of Wakefield and individual investment goals. Given the FMR of $2540, a hands-off investor can expect consistent returns without the need for extensive property management. Meanwhile, a hands-on investor might find value in enhancing property quality, which could attract tenants willing to pay above the FMR, thus increasing profitability over time.
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.