Section 8 Fair Market Rent (FMR) for ZIP 01866 - 2027
Location: Lowell, MA | Metro: Lowell, MA HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| 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 |
A skeptical investor looking into ZIP 01866 in Massachusetts might have several concerns regarding the viability of renting properties under the Section 8 program. Let's address these objections directly using available data.
- Will FMR $2540 (zip FY 2024) cover the mortgage on a N/A home? The Fair Market Rent (FMR) for ZIP 01866 is set at $2540 for FY 2024. However, without specific data on average home values and mortgage costs in the area, it's impossible to definitively state whether this amount will cover the mortgage on a typical home. Landlords should consult local real estate agents and mortgage calculators to determine if the FMR can sustain their mortgage payments.
- Is there enough renter demand at N/A%? The percentage of renters eligible for Section 8 in ZIP 01866 is currently unavailable. To gauge demand, investors must look at broader regional trends and consult with local housing authorities. They should also consider the demographic makeup of the area, including the number of low-income families, to estimate potential tenant interest.
- Will vouchers keep pace with N/A market rents? The FMR for ZIP 01866 is $2540, which represents the maximum rent that a voucher holder can pay. Whether this keeps pace with the actual market rents depends on the specific rental market dynamics of the area. If the average market rent exceeds $2540, landlords may face challenges in covering all expenses. Investors should monitor local rental price trends and adjust their expectations accordingly.
Note that the data provided does not include specific percentages of eligible renters or average home values, which are crucial for making informed decisions. Therefore, while the FMR provides a benchmark for maximum allowable rent, additional research is necessary to fully assess the financial viability of participating in the Section 8 program in ZIP 01866.
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.