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 |
2380 is the Fair Market Rent (FMR) for ZIP code 02361 in fiscal year 2024, according to HUD guidelines. This figure represents the maximum amount a landlord can charge for a Section 8 voucher holder in this area. Despite the clarity provided by the FMR, the market rent for this ZIP code is currently unknown, indicating a lack of recent data on what tenants are actually paying. Similarly, the median home value in 02361 remains unspecified, making it difficult to assess property values against rental income potential. The percentage of renters in this community is also not available, leaving landlords without a precise measure of demand for rental properties. Furthermore, the median income of residents is unknown, which means investors cannot accurately gauge the financial stability of potential tenants. The average days on market (DOM) is not provided, so landlords cannot determine how quickly their properties might be leased. Lastly, the percentage of listings that have had their prices cut is also not known, which would typically give insight into the competitiveness of the local real estate market.
Given the limited data available, it's clear that making informed decisions about rental investments in ZIP code 02361 requires careful consideration. With only the $2380 FMR as a reliable indicator, landlords must ensure their expenses align with this maximum rental rate to maintain profitability. The absence of other key metrics, such as market rent and median home value, suggests that further research and due diligence are necessary before committing to any investment opportunities in this area.
Section 8 verdict: $2380 FMR provides a solid baseline for rental rates, but significant gaps in other market data make investment decisions challenging.
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.