Section 8 Fair Market Rent (FMR) for ZIP 01887 - 2027

Location: Lowell, MA | Metro: Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,810
1 Bedroom	$2,900
2 Bedrooms	$3,460
3 Bedrooms	$4,120
4 Bedrooms	$4,550
5 Bedrooms	$5,278
6 Bedrooms	$5,911
7 Bedrooms	$6,384
8 Bedrooms	$6,703

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

23,336

Median Household Income

$168,152

Housing Units

8,077

Renter Percentage

11.9%

Occupancy Rate

98.1%

Renter Occupied

947

Housing Authorities Serving ZIP 01887

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

ZIP code 01887 is situated in the town of Wilmington, Massachusetts, a part of the Greater Boston Area. This neighborhood is characterized by a relatively low rental population at 11.9%, indicating that it is predominantly owner-occupied. The area boasts a high median household income of $168,152, reflecting a prosperous community where residents can afford to purchase homes valued at a median of $777,443.

The economic landscape for landlords and small-portfolio investors is favorable due to the Federal Market Rent (FMR) for ZIP 01887 being set at $3390 for fiscal year 2024. In comparison, the market rent as measured by Zillow's Observed Rental Index (ZORI) stands at $3,171. This means that landlords participating in the Section 8 program can expect higher rents compared to the local market average, providing a financial buffer against potential maintenance and vacancy costs.

Given these figures, ZIP 01887 would be well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the guaranteed rental income through the Section 8 program, which exceeds the market rent, offers stability and predictable cash flow. Meanwhile, hands-on investors can leverage the high median income and home values to target renovations or upgrades that could command premium rents above the FMR, thus maximizing their investment returns.

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.