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 | $2,130 |
| 1 Bedroom | $2,230 |
| 2 Bedrooms | $2,650 |
| 3 Bedrooms | $3,180 |
| 4 Bedrooms | $3,510 |
| 5 Bedrooms | $4,072 |
| 6 Bedrooms | $4,561 |
| 7 Bedrooms | $4,926 |
| 8 Bedrooms | $5,172 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,650 | $638,604 | 0.41% | F |
| 3BR | $3,180 | $648,437 | 0.49% | F |
| 4BR | $3,510 | $843,663 | 0.42% | F |
| 5BR | $4,072 | $986,075 | 0.41% | F |
U.S. Census Bureau data (2024)
The real estate market in ZIP 02054 (Millis, MA) presents a nuanced scenario for both landlords and small-portfolio investors. With a median home value at $701,469, the area is positioned in a mid-tier valuation range, reflecting a stable housing market. The fact that only 0.1% of listings have reduced their prices indicates strong seller pricing power. This suggests that homes are generally selling close to or at their asking prices, which is a positive sign for property owners looking to sell or hold onto their investments.
The median Days on Market (DOM) being listed as N/A can imply two things: either the market is so robust that homes are selling almost immediately upon listing, or there is a lack of sufficient data to determine an accurate median DOM. In either case, it points towards a sellers' market where demand outstrips supply, further supporting the notion of strong pricing power for homeowners.
Moving to the rental side, the Federal Market Rent (FMR) for ZIP 02054 in fiscal year 2024 is set at $2810. This contrasts with the current market rent of $1,696 according to Census ACS data. The significant gap between the FMR and the actual market rent suggests that there is room for rental price increases, especially if the local economy continues to grow and attract new residents. Landlords who can leverage this discrepancy may find themselves in a favorable position to adjust rents upward without losing tenants.
For long-term investors, the setup in Millis, MA, implies a potential for steady appreciation rather than explosive growth. The strong seller's market and limited price reductions indicate stability, but the lack of a high DOM suggests a balanced market where rapid appreciation is less likely. However, the ability to increase rents over time provides a consistent income stream and can contribute to overall portfolio growth when combined with moderate property value increases.
To summarize, the median home value, low percentage of price reductions, and the relationship between FMR and market rent suggest that Millis, MA, will maintain its attractiveness for investors seeking a stable market with opportunities for gradual growth in both property values and rental incomes. Landlords and small-portfolio investors should expect to see continued strength in the local real estate market, but should also be prepared for a measured pace of appreciation.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.