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 | $2,940 |
| 1 Bedroom | $3,040 |
| 2 Bedrooms | $3,630 |
| 3 Bedrooms | $4,330 |
| 4 Bedrooms | $4,770 |
| 5 Bedrooms | $5,533 |
| 6 Bedrooms | $6,197 |
| 7 Bedrooms | $6,693 |
| 8 Bedrooms | $7,028 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $3,040 | $602,613 | 0.5% | F |
| 2BR | $3,630 | $833,755 | 0.44% | F |
| 3BR | $4,330 | $1,114,048 | 0.39% | F |
| 4BR | $4,770 | $1,333,192 | 0.36% | F |
| 5BR | $5,533 | $1,514,027 | 0.37% | F |
U.S. Census Bureau data (2024)
Somerville, MA, located within the Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, has a Fair Market Rent (FMR) of $3,190 for ZIP code 02143 in fiscal year 2024. This figure compares to the broader metro area's average FMR, indicating that Somerville is slightly below the median fair market rent for the region. The market rent in ZIP 02143 stands at $3,369, which is close to the FMR but slightly higher, suggesting a competitive rental market.
The median home value in ZIP 02143 is $940,832. This is notably lower than some of the pricier neighborhoods in the Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, positioning Somerville as a mid-tier neighborhood rather than a premium sub-market. However, it still reflects a relatively high cost compared to many other areas outside of the metro.
A significant aspect of Somerville's real estate landscape is its 69.0% renter share, which is notably above the average for the metro area. High renter shares can indicate a strong demand for rental properties, which is beneficial for landlords and small-portfolio investors looking to capitalize on the rental market. The combination of a below-metro average home value and a high renter share suggests that ZIP 02143 could be particularly attractive for Section 8 tenants and investors focusing on affordable housing opportunities within the larger Boston market.
In summary, ZIP 02143 in Somerville, MA, represents a mid-tier neighborhood within the Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area. Its FMR and market rent are competitive yet slightly below the metro average, while the high renter share and lower home values compared to some parts of the metro make it an interesting area for those involved in affordable housing and rental investments.
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.