Location: Boston-Cambridge-Quincy, MA | Metro: Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,130 |
| 1 Bedroom | $2,230 |
| 2 Bedrooms | $2,650 |
| 3 Bedrooms | $3,180 |
| 4 Bedrooms | $3,510 |
| 5 Bedrooms | $4,072 |
| 6 Bedrooms | $4,561 |
| 7 Bedrooms | $4,926 |
| 8 Bedrooms | $5,172 |
To frame ZIP 02358 from the renter's perspective, we must consider the financial realities they face. The median income for households in this area is currently unknown, which complicates assessing their ability to cover the market rate rent also marked as N/A. However, the Fair Market Rent (FMR) for ZIP 02358 in fiscal year 2024 is set at $2380. This figure represents the voucher payment standard for the area.
The lack of specific data on median income and market rate rent makes it challenging to quantify the exact affordability gap. Nevertheless, with an unspecified percentage of renters in a population of N/A, it's evident that many residents rely on housing assistance programs such as vouchers to find suitable accommodation.
The affordability gap, where the cost of living exceeds the average household's income, directly impacts landlord competition. Landlords who accept vouchers ensure a steady stream of tenants but might face limitations in rent adjustments and tenant selection criteria. Those opting for cash-paying tenants may command higher rents but risk vacancy rates if potential tenants cannot afford the market rate without assistance.
Takeaway: For landlords considering whether to accept vouchers or focus on cash-paying tenants, the decision should hinge on balancing immediate rental income with long-term occupancy stability. Given the reliance on housing vouchers and the uncertainty around local income levels, accepting vouchers could provide a competitive edge in securing consistent tenancy. However, landlords should also explore opportunities to attract cash-paying tenants by offering value-added services or amenities that justify premium rents within the context of the $2380 FMR benchmark.
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.