Location: Boston-Cambridge-Quincy, MA | Metro: Boston-Cambridge-Quincy, 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 | $2,570 |
| 1 Bedroom | $2,650 |
| 2 Bedrooms | $3,170 |
| 3 Bedrooms | $3,780 |
| 4 Bedrooms | $4,170 |
| 5 Bedrooms | $4,837 |
| 6 Bedrooms | $5,417 |
| 7 Bedrooms | $5,850 |
| 8 Bedrooms | $6,143 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,650 | $356,346 | 0.74% | D |
| 2BR | $3,170 | $780,065 | 0.41% | F |
| 3BR | $3,780 | $1,322,132 | 0.29% | F |
| 4BR | $4,170 | $1,718,308 | 0.24% | F |
| 5BR | $4,837 | $2,294,956 | 0.21% | F |
U.S. Census Bureau data (2024)
Investing in Section 8 properties in ZIP code 01890 in Winchester, MA, comes with several inherent risks that must be carefully considered. One significant risk is tenant turnover, which can be particularly challenging when the market rent stands at $3,215 while the Fair Market Rent (FMR) for FY 2024 is set at $3,170. This slight discrepancy between market and FMR rents can lead to frequent changes in occupancy, as tenants may struggle to afford the higher market rates once their vouchers expire.
Vacancy exposure is another critical factor. With an average Days on Market (DOM) of just 8 days, it might seem that finding tenants quickly isn't a concern. However, this figure does not account for the time required to process applications and secure approved Section 8 tenants, which can extend the vacancy period beyond initial expectations.
Deferred maintenance is also a noteworthy risk. Given the typical home value of $1,555,556 and a median income of $230,198, homeowners in this area may not prioritize regular upkeep, leading to potential costly repairs down the line. The financial burden of maintaining a property in such a high-value area can be substantial, especially if the landlord is operating on a fixed budget set by Section 8 guidelines.
Despite these challenges, there are mitigating factors that reduce the overall risk. The renter share in Winchester is 18.3%, indicating a relatively high concentration of renters. This high renter density typically translates into greater demand for housing vouchers, making it easier to find and retain tenants who qualify for Section 8 assistance.
Verdict: Moderate risk for a first-time Section 8 landlord in ZIP 01890, Winchester, MA.
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.