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 | $2,190 |
| 1 Bedroom | $2,260 |
| 2 Bedrooms | $2,700 |
| 3 Bedrooms | $3,220 |
| 4 Bedrooms | $3,550 |
| 5 Bedrooms | $4,118 |
| 6 Bedrooms | $4,612 |
| 7 Bedrooms | $4,981 |
| 8 Bedrooms | $5,230 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,260 | $396,969 | 0.57% | F |
| 2BR | $2,700 | $554,005 | 0.49% | F |
| 3BR | $3,220 | $739,442 | 0.44% | F |
| 4BR | $3,550 | $848,077 | 0.42% | F |
| 5BR | $4,118 | $1,114,821 | 0.37% | F |
U.S. Census Bureau data (2024)
The ZIP code 02045, located in Hull, Massachusetts, represents a unique mix of rental and owner-occupied housing. With a population of 10,138, 20.4% of residents are renters, indicating that while there is a significant number of renters, it is not a predominantly renter-heavy area. The median household income in this ZIP is $115,485, which provides context for understanding the financial capacity of potential tenants.
In relation to the market rent of $3,200, the typical rent consumes approximately 10.7% of the median household income. This suggests that even without vouchers, many households can afford the current market rents. However, the comparison with the Fair Market Rent (FMR) figure of $2,560 for FY 2024 highlights a disparity; market rents are higher than the FMR, which means that tenants relying solely on vouchers will find it challenging to meet the full cost of renting properties at the market rate.
The voucher demand in ZIP 02045 is likely moderate given the percentage of renters and the income levels. Landlords in this area should be prepared to offer properties that either align closely with the FMR or have additional amenities that justify the higher rent. For those willing to accept Section 8 vouchers, they must understand that the majority of their tenants will require supplementary income beyond the voucher amount to cover the full rent.
A landlord in ZIP 02045 can expect a tenant profile that includes individuals and families who may need to supplement their voucher with personal funds. These tenants will likely have a range of incomes but will generally be middle-income earners who benefit from the voucher program to manage their housing costs. It is important for landlords to consider the balance between market rents and the FMR when setting expectations for their properties' occupancy and financial performance.
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.