Section 8 Fair Market Rent (FMR) for ZIP 01944 - 2027

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

Investment Score for ZIP 01944

Monthly Rent (2BR)

$2,660

Median Price (2BR)

$778,964

1% Rule

0.34%

Annual Yield

4.1%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,160
1 Bedroom	$2,230
2 Bedrooms	$2,660
3 Bedrooms	$3,180
4 Bedrooms	$3,510
5 Bedrooms	$4,072
6 Bedrooms	$4,561
7 Bedrooms	$4,926
8 Bedrooms	$5,172

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,660	$778,964	0.34%	F
3BR	$3,180	$1,149,491	0.28%	F
4BR	$3,510	$1,597,007	0.22%	F
5BR	$4,072	$2,721,997	0.15%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

5,403

Median Household Income

$206,389

Housing Units

2,226

Renter Percentage

25.3%

Occupancy Rate

96.9%

Renter Occupied

546

The town of Manchester, Massachusetts, located in ZIP code 01944, offers a blend of suburban tranquility and proximity to urban amenities, making it an attractive location for both homeowners and renters. Its strong economic foundation, characterized by high median incomes, supports a robust rental market that is expected to remain steady. Here's a detailed look at the key metrics shaping the real estate landscape in Manchester:

The Fair Market Rent (FMR) for Manchester in fiscal year 2024 is set at $2480. This figure represents the average rent price for a standard unit and serves as a benchmark for housing affordability.
Market rent data from the U.S. Census Bureau’s American Community Survey indicates that the average rent in Manchester is $1,811. This suggests that while the FMR is higher, actual market rents are more moderate, reflecting a balance between supply and demand.
The median home value in Manchester stands at $1,335,609. This high valuation underscores the desirability of the area and the significant investment potential for property owners.
Renters make up 25.3% of the population in Manchester, indicating a substantial but not overwhelming rental market. This percentage reflects a community where many residents choose to own rather than rent their homes.
The median household income in Manchester is $206,389, which is notably higher than the national average. This economic strength supports a healthy rental market and suggests that tenants are likely to have stable financial situations.

For landlords and small-portfolio investors, Manchester presents a favorable environment. The gap between the FMR and market rent indicates potential for rental growth, while the high median home values suggest strong property appreciation over time. The relatively low percentage of renters implies a competitive market, but the robust median income provides assurance of tenant stability and reliability. Investing in Manchester means positioning oneself in a market that is likely to remain resilient due to its economic underpinnings and the ongoing demand for housing in this desirable location.

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.