Section 8 Fair Market Rent (FMR) for ZIP 02205 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 02205, located in Beverly, Massachusetts, is a part of Essex County and is known for its affluent residential areas and proximity to the ocean. This coastal community offers a mix of suburban and small-town charm, attracting both families and retirees. The real estate market here is influenced by its desirable location and the broader economic conditions of the region.

• Fair Market Rent (FMR) for ZIP 02205 in fiscal year 2024 is set at $2930. This figure represents the benchmark for rental prices and is crucial for landlords participating in the Section 8 program.
• The market rent for the area is currently unavailable. Without this data, it's challenging to compare the FMR against the actual rental market rates, which could indicate either a stable market or a lack of recent rental activity.
• The median home value in ZIP 02205 is not available. This missing statistic hinders a full understanding of the property values within the area, but given its reputation as an affluent neighborhood, we can infer that home values are likely high.
• The percentage of renters in the area is not available. This data would help determine the demand for rental properties and the potential competition faced by landlords.
• The days on market (DOM) for properties is not available. Knowing the DOM would provide insight into how quickly properties are selling or renting, indicating the pace of the local real estate market.
• The median income for ZIP 02205 is not available. Median income figures are key to understanding the purchasing power of residents and their ability to afford higher rents or home prices.

In summary, while the Fair Market Rent for ZIP 02205 is established at $2930 for fiscal year 2024, several critical data points are missing, including market rent, median home value, renter share, days on market, and median income. These gaps make it difficult to fully assess the health and dynamics of the real estate market in Beverly. However, given the area's affluent status and the relatively high FMR, landlords and investors should expect a competitive market for quality rental properties. To make informed decisions, it is recommended to seek additional local real estate data and trends specific to Beverly.

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.