Location: Boston-Cambridge-Quincy, MA | Metro: Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $3,660 |
| 1 Bedroom | $3,770 |
| 2 Bedrooms | $4,510 |
| 3 Bedrooms | $5,370 |
| 4 Bedrooms | $5,930 |
| 5 Bedrooms | $6,879 |
| 6 Bedrooms | $7,704 |
| 7 Bedrooms | $8,320 |
| 8 Bedrooms | $8,736 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 02199 in Kentucky for fiscal year 2024 is set at $4240. This figure represents the payment standard for landlords participating in the Section 8 Housing Choice Voucher program. It does not directly reflect the rent you will charge your tenants, but rather the maximum amount that can be paid on behalf of a tenant through the voucher program.
To put this into perspective, the average rent in ZIP 02199 based on Census American Community Survey (ACS) data is $3,501. This indicates that the FMR is higher than the typical market rate, which can be beneficial for landlords who want to ensure they receive a competitive rental income.
The high renter share in this area stands at 99.2%, meaning almost every household is a potential tenant. This statistic underscores strong demand for rentals, making it a favorable environment for those looking to enter the Section 8 market. With such a high percentage of renters, you can expect consistent occupancy rates, reducing the risk of vacancy.
When considering the acquisition cost of a property in ZIP 02199, it's important to note that the median home value is approximately $3,561,338. This high figure suggests that purchasing a rental property in this area may come with a significant upfront investment. However, the combination of strong demand and the FMR being above the local average can help offset this initial cost over time.
Before proceeding with a Section 8 rental in ZIP 02199, verify that the property meets all necessary safety and maintenance standards as required by the housing authority. This ensures compliance and maximizes the chances of approval and subsequent tenancy.
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.