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 | $3,280 |
| 1 Bedroom | $3,390 |
| 2 Bedrooms | $4,050 |
| 3 Bedrooms | $4,830 |
| 4 Bedrooms | $5,320 |
| 5 Bedrooms | $6,171 |
| 6 Bedrooms | $6,912 |
| 7 Bedrooms | $7,465 |
| 8 Bedrooms | $7,838 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $3,390 | $597,469 | 0.57% | F |
| 2BR | $4,050 | $913,481 | 0.44% | F |
| 3BR | $4,830 | $967,486 | 0.5% | F |
U.S. Census Bureau data (2024)
The ZIP code 02215, located in Boston, MA, within Suffolk County and the Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area, presents an interesting opportunity for Section 8 investors. The HUD Fair Market Rent (FMR) for this area is set at $3770 for fiscal year 2024. In contrast, the market rent, as indicated by the Zillow Observed Rental Index (ZORI), stands at $3,433. This comparison suggests that voucher tenants can generally cashflow at the FMR level, with some margin for landlords to absorb minor expenses without significant loss.
To further analyze the investment potential, consider the median home value in the area, which is $718,993. This yields a rent-to-price ratio of approximately 0.05%, calculated by dividing the annualized market rent ($3,433 * 12) by the median home value. This ratio indicates a relatively stable rental market where property values do not significantly exceed what could be earned through rental income, thus providing a balanced scenario for both buying and renting.
The data shows a median Days on Market (DOM) of N/A and a price-cut share of 0.1%. These figures suggest that while there might be limited data on how long properties typically stay on the market, there is minimal pressure to reduce prices, indicating a strong seller's market. This stability in pricing supports the notion that the area is resilient to rapid fluctuations in real estate values, which is beneficial for long-term investors.
In conclusion, the strongest angle for Section 8 investors in ZIP 02215 is likely to be cashflow, given the favorable difference between HUD FMR and market rent. This allows landlords to maintain positive cash flow while also benefiting from the stability of the local real estate market.
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.