Section 8 Fair Market Rent (FMR) for ZIP 02210 - 2027

Location: Boston-Cambridge-Quincy, MA | Metro: Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area

Investment Score for ZIP 02210

Monthly Rent (2BR)

$4,220

Median Price (2BR)

$2,151,495

1% Rule

0.2%

Annual Yield

2.35%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$3,420
1 Bedroom	$3,530
2 Bedrooms	$4,220
3 Bedrooms	$5,030
4 Bedrooms	$5,550
5 Bedrooms	$6,438
6 Bedrooms	$7,211
7 Bedrooms	$7,788
8 Bedrooms	$8,177

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$3,530	$1,093,102	0.32%	F
2BR	$4,220	$2,151,495	0.2%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

6,971

Median Household Income

$172,124

Housing Units

5,535

Renter Percentage

75.2%

Occupancy Rate

82.9%

Renter Occupied

3,451

The ZIP code 02210 is located in the prestigious Back Bay neighborhood of Boston, Massachusetts. This area is known for its upscale living conditions and historical architecture, making it a desirable location for both residents and investors. With a population of 6,971, Back Bay has a significant rental market, where 75.2% of the residents are renters. The median household income in this ZIP code is notably high at $172,124, reflecting the affluent nature of the community. The median home value stands at an impressive $1,491,994, further emphasizing the high-end real estate market in this part of Boston.

From an investment perspective, the Federal Market Rent (FMR) for ZIP 02210 in fiscal year 2024 is set at $4,240, while the Zillow Observed Rental Index (ZORI) indicates a market rent of $3,992. This discrepancy between the FMR and the actual market rent suggests that there could be opportunities for hands-on investors looking to add value through property management or renovations. However, for those seeking a hands-off approach, the relatively high FMR compared to the market rent means that Section 8 vouchers can provide a stable, if slightly below-market, income stream.

To determine whether this area suits a hands-off voucher operator or a hands-on value-add buyer, consider the following:

Housing Demand: The high percentage of renters and the strong median income indicate a robust demand for housing, particularly rental properties.
Rental Economics: While the FMR is higher than the market rent, the gap is not excessively large. This means that properties managed under Section 8 can still attract tenants and maintain occupancy rates.
Property Values: Given the median home value, there is potential for appreciation and capital gains, which can be attractive to hands-on investors looking to improve and resell properties.

In conclusion, ZIP 02210 offers a mix of opportunities for both types of investors. For hands-off operators, the stability of Section 8 vouchers provides a reliable income source. Meanwhile, hands-on value-add buyers can leverage the strong rental market and potential for property appreciation to create additional value and returns.

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.