Location: Boston-Cambridge-Quincy, MA | Metro: Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,420 |
| 1 Bedroom | $2,490 |
| 2 Bedrooms | $2,980 |
| 3 Bedrooms | $3,550 |
| 4 Bedrooms | $3,920 |
| 5 Bedrooms | $4,547 |
| 6 Bedrooms | $5,093 |
| 7 Bedrooms | $5,500 |
| 8 Bedrooms | $5,775 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 02062, which includes Norwood, Massachusetts, is set at $2,730 for fiscal year 2024. This figure represents the maximum amount that a landlord can charge as a portion of the tenant's income for a Section 8 rental unit. It does not mean you will receive $2,730 as rent; rather, it is the payment standard used by the government to determine what tenants can afford.
In comparison, the local Zillow Observed Rent Index (ZORI) for the area stands at $2,577. This means that the average market rent for similar properties is slightly below the FMR. However, Section 8 units often come with specific requirements that may limit your ability to charge the full FMR.
The demand for rentals in this area is strong, with 46.0% of residents being renters. This indicates that there is a significant population looking for affordable housing options, making Section 8 a viable choice for landlords who want to ensure consistent occupancy.
If you're considering purchasing a property to use as a Section 8 rental, be aware that the median home value in the area is around $732,044. This figure represents the typical price you would pay for an existing home in Norwood, which could be a substantial investment depending on your portfolio size and financial situation.
Before you decide to enter into a Section 8 agreement, verify that the property meets all local housing quality standards. These standards are crucial because failing to meet them can result in penalties and loss of rental income. Ensure that any necessary repairs or upgrades are completed prior to signing up for the program.
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.