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 | $2,540 |
| 1 Bedroom | $2,620 |
| 2 Bedrooms | $3,130 |
| 3 Bedrooms | $3,730 |
| 4 Bedrooms | $4,110 |
| 5 Bedrooms | $4,768 |
| 6 Bedrooms | $5,340 |
| 7 Bedrooms | $5,767 |
| 8 Bedrooms | $6,055 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $3,130 | $605,356 | 0.52% | F |
| 3BR | $3,730 | $718,375 | 0.52% | F |
| 4BR | $4,110 | $1,120,761 | 0.37% | F |
| 5BR | $4,768 | $1,270,323 | 0.38% | F |
U.S. Census Bureau data (2024)
ZIP code 02032, located in Walpole, MA, falls within the Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 02032 is set at $2390 for fiscal year 2024, which is notably lower than the market rent of $3,260. This indicates that while the government's estimate of reasonable rental costs is $2390, actual rents in the area are higher.
The median home value in ZIP 02032 stands at $801,337, which is indicative of a relatively affluent neighborhood compared to the broader metro area. However, the renter share in this ZIP code is 17.9%, suggesting a significant portion of residents prefer renting over owning their homes. This combination of a high renter share and above-average home values suggests that ZIP 02032 is a mid-tier neighborhood within the Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area.
Typical ZIP codes within the larger metro area have higher FMRs and market rents, reflecting the overall higher cost of living in Boston. For example, ZIP codes closer to the urban core tend to have FMRs exceeding $2500 and market rents often surpassing $3,500. In contrast, ZIP 02032 offers a slightly more affordable option for both renters and homeowners.
The divergence between the FMR and market rent, coupled with the high renter share, can be seen as a potential sweet spot for Section 8 landlords and small-portfolio investors. While the FMR is lower than the market rent, indicating a gap where properties could be rented out under the Section 8 program, the high renter share shows a strong demand for rental units. Additionally, the above-average home values suggest that the area is desirable, potentially offering better property management experiences and less turnover due to its appeal to tenants.
In conclusion, ZIP 02032 presents itself as a mid-tier neighborhood within the Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area. It offers an opportunity for investors who are willing to navigate the slightly lower FMRs compared to market rents, while also benefiting from a high renter share and attractive home values.
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.