Section 8 Fair Market Rent (FMR) for ZIP 01863 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 01863

• 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

The ZIP code 01863, located in Chelmsford, Massachusetts, offers a blend of suburban charm and proximity to urban amenities, making it an attractive location for both residents and investors. The area benefits from strong economic indicators, high median incomes, and a growing rental market.

• The Fair Market Rent (FMR) for ZIP 01863 is set at $1980 for fiscal year 2024, which provides a baseline for rental pricing that landlords should consider.
• The actual market rent, as measured by the Zillow Observed Rent Index (ZORI), stands at $2,537, indicating that there is a premium over the FMR, reflecting the true demand in the local rental market.
• The median home value in the area is $551,937, suggesting a relatively affluent community where property values can be expected to hold steady or appreciate.
• Renters make up 18.2% of the housing market, showing a significant portion of the population prefers renting, which is favorable for landlords looking to maintain occupancy rates.
• The median household income in ZIP 01863 is $144,875, which is substantially higher than the national average, indicating a robust local economy capable of supporting higher rents.
• The Days on Market (DOM) data is currently unavailable, but given the strong rental market, it's likely that properties listed for rent are attracting interest quickly.

Investors in Chelmsford, MA can expect solid returns on their investment due to the healthy rental market and high median incomes. The gap between the FMR and ZORI suggests that there is room for landlords to price competitively while still maintaining profitability. The 18.2% renter share indicates a stable tenant base, reducing the risk of vacancy. With median incomes significantly above the national average, tenants are likely to have the financial capacity to meet rent obligations, further securing the investment. While specific DOM data would provide additional insight into how quickly units are leased, the overall economic health and demand suggest a favorable environment for rental properties.

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.