Location: Boston-Cambridge-Quincy, MA | Metro: Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $3,150 |
| 1 Bedroom | $3,240 |
| 2 Bedrooms | $3,880 |
| 3 Bedrooms | $4,620 |
| 4 Bedrooms | $5,090 |
| 5 Bedrooms | $5,904 |
| 6 Bedrooms | $6,612 |
| 7 Bedrooms | $7,141 |
| 8 Bedrooms | $7,498 |
U.S. Census Bureau data (2024)
The ZIP code 02133, located in Boston, Massachusetts, presents a unique set of challenges and opportunities for landlords and small-portfolio investors. Here are some key concerns that a skeptical investor might raise, followed by factual responses based on available data.
Will FMR $2930 (zip FY 2024) cover the mortgage on a home? Given the average home value in Boston is $798,217, it's unlikely that the Fair Market Rent (FMR) of $2930 will sufficiently cover the mortgage payments on a typical home in this ZIP code. This is particularly true considering the high cost of living and real estate in Boston. However, the data does not provide specific mortgage rates or home values within ZIP 02133, so exact figures cannot be determined without further analysis.
Is there enough renter demand at 0.0%? The rental market statistics suggest a 0.0% occupancy rate, which could indicate strong demand for rental properties. In a competitive market, this means that landlords can likely find tenants quickly. However, the lack of detailed data makes it difficult to assess the precise level of demand. It's important to consider other factors such as job growth and population trends to get a clearer picture.
Will vouchers keep pace with market rents? While the rental market in ZIP 02133 is robust, the data does not provide specifics on voucher usage or how well they align with current market rents. Vouchers are typically adjusted annually, but the rate of adjustment may not match the rapid increases in rent prices seen in Boston. Landlords should consult with local housing authorities to understand the current and projected voucher amounts and their adequacy in covering market rents.
Investing in ZIP 02133 requires careful consideration of these points. The data suggests a strong rental market, but the specific financials, such as mortgage costs and voucher amounts, need more detailed examination to ensure profitability.
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.