Location: Boston-Cambridge-Quincy, MA | Metro: Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,520 |
| 1 Bedroom | $2,600 |
| 2 Bedrooms | $3,110 |
| 3 Bedrooms | $3,710 |
| 4 Bedrooms | $4,090 |
| 5 Bedrooms | $4,744 |
| 6 Bedrooms | $5,313 |
| 7 Bedrooms | $5,738 |
| 8 Bedrooms | $6,025 |
The Fair Market Rent (FMR) for ZIP code 02117 in fiscal year 2024 is set at $2930. This figure represents the maximum amount that a landlord can receive through the Section 8 Housing Choice Voucher program for renting out a unit in this area. It's important to note that this is not the rent you charge your tenant; it's the payment standard used by the housing authority.
To put this into perspective, the local market rent for similar properties in ZIP 02117 is currently N/A. This means that if you're looking to participate in the Section 8 program, you should ensure that your property meets the necessary quality standards to be eligible for the voucher program. The FMR serves as an upper limit, so your actual rent might need to be slightly below or equal to this amount to attract tenants with vouchers.
The demand for rental properties in ZIP 02117 is reflected by the N/A% share of renters in the area. This percentage indicates the proportion of residents who are likely to seek rental accommodations, including those who might use Section 8 vouchers. Given this demand, it could be a good opportunity to consider a Section 8 rental, especially if you're looking to fill vacancies quickly and consistently.
In terms of acquiring a property for a Section 8 rental, the typical cost is N/A. This cost includes the purchase price of the property and any necessary renovations to meet the housing quality standards required by the program. Before making a final decision, it's crucial to verify that the property complies with all local and federal housing quality standards. This ensures that it will be accepted by the housing authority and that you can avoid any delays or complications in leasing the property.
In summary, the FMR of $2930 for ZIP 02117 sets the ceiling for payments received through the Section 8 program. While the local market rent is currently N/A, the high percentage of renters in the area suggests strong demand. To proceed, make sure your property meets the required standards for the program.
Data Sources: FMR data from HUD (2027).
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.