Location: New Bedford, MA | Metro: Brockton, MA 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 | $1,850 |
| 1 Bedroom | $2,030 |
| 2 Bedrooms | $2,660 |
| 3 Bedrooms | $3,330 |
| 4 Bedrooms | $3,500 |
| 5 Bedrooms | $4,060 |
| 6 Bedrooms | $4,547 |
| 7 Bedrooms | $4,911 |
| 8 Bedrooms | $5,157 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,030 | $400,730 | 0.51% | F |
| 2BR | $2,660 | $495,694 | 0.54% | F |
| 3BR | $3,330 | $640,167 | 0.52% | F |
| 4BR | $3,500 | $802,162 | 0.44% | F |
| 5BR | $4,060 | $934,660 | 0.43% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP code 02347, which includes parts of Lakeville and New Bedford, Massachusetts, does not favor landlords. The HUD Fair Market Rent (FMR) for the area stands at $2230 for FY 2024, but the actual market rent as per Census ACS data is significantly lower at $1,884. This discrepancy means that landlords may not be able to charge rents that match the FMR without facing challenges in occupancy rates.
Acquisition of properties in this ZIP code is relatively affordable given the median home value of $626,635. However, the lack of available data on days on market (DOM) and the low percentage of homes that have been subject to price cuts (0.1%) suggests that the housing market is stable but not particularly dynamic. This stability can be a positive factor for long-term investment but may limit opportunities for quick flips or short-term gains.
Tenant demand in ZIP 02347 is moderate. With a total population of 11,944, the renter share is 16.5%. This indicates a smaller pool of potential tenants compared to areas with higher renter shares. Landlords should be prepared for competition among other rental properties and possibly lower occupancy rates due to the limited number of renters.
Verdict: Investing in rental properties in ZIP 02347 presents a mixed picture. While property acquisition is reasonably priced, the lower market rent compared to the HUD FMR could affect profitability. Additionally, the moderate tenant demand implies that landlords will need to manage their properties efficiently to maintain occupancy and compete effectively in the local rental market. Overall, the area offers stable but modest returns, making it suitable for investors seeking long-term, steady income rather than high-risk, high-reward opportunities.
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.