Location: Boston-Cambridge-Quincy, MA | Metro: Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,220 |
| 1 Bedroom | $2,290 |
| 2 Bedrooms | $2,740 |
| 3 Bedrooms | $3,260 |
| 4 Bedrooms | $3,600 |
| 5 Bedrooms | $4,176 |
| 6 Bedrooms | $4,677 |
| 7 Bedrooms | $5,051 |
| 8 Bedrooms | $5,304 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 01937 in FY 2024 is set at $2580. This figure represents the payment standard that landlords can expect to receive from the Section 8 program, which is also known as the Housing Choice Voucher Program. It's important to note that this is not the rent you will charge your tenants; it's the maximum amount the government will pay towards the rent on behalf of eligible low-income families.
To put this into perspective, the local median rent in ZIP 01937 is currently N/A, making the comparison difficult without specific data. However, the FMR provides a benchmark for what is considered a reasonable rent in the area, ensuring that voucher holders have access to decent housing options.
The percentage of renters in ZIP 01937 who could potentially benefit from Section 8 vouchers is N/A%. This indicates the level of demand for subsidized housing in the area. While the exact number is not available, a higher percentage typically suggests a greater need for affordable housing solutions.
In terms of acquiring a property for a Section 8 rental, the average cost of properties in ZIP 01937 is N/A. Again, without specific figures, it's challenging to provide a precise analysis, but this information would help you understand the potential investment required to enter the Section 8 market.
Before deciding to take the plunge into Section 8 rentals, one crucial step is to verify the condition of the property against the Housing Quality Standards (HQS). These standards ensure that the home meets basic health and safety requirements, which must be met for the property to qualify under the Section 8 program. This verification process is essential because it directly impacts whether the property can be leased through the program.
Remember, the FMR of $2580 is designed to cover the majority of typical rental units in the area, so it's a reliable indicator of what you can expect to be reimbursed by the government. This can be a stable source of income, especially if you're looking to manage your risk as a landlord or a small-portfolio investor.
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.