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 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 02366 within the Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area reveals several key points regarding its suitability for Section 8 investments.
First, does the rent math work? The Fair Market Rent (FMR) for ZIP 02366 in fiscal year 2024 is set at $2450. However, without specific market rent data, it's challenging to make a direct comparison. Landlords should be aware that the FMR is a guideline and may not always reflect the actual market conditions.
Second, is acquisition affordable? Unfortunately, the data lacks specifics on the median home value, days on market (DOM), and the percentage of homes requiring price cuts. This absence makes it difficult to assess the affordability of acquiring properties in this area solely based on these metrics. Investors should conduct further research to understand the local real estate market dynamics.
Third, is there tenant demand? The ZIP code hosts a population of 264 individuals. While the exact percentage of renters is not available, the small population size suggests limited demand for rental units. This could mean fewer potential tenants and a tighter competition among landlords.
Verdict: Investing in ZIP code 02366 for Section 8 properties is feasible given the established FMR of $2450, but it comes with significant caveats. The lack of detailed market rent, median home value, DOM, and price-cut share percentages means that investors must proceed with caution. The small population size implies a limited pool of potential tenants, which could affect occupancy rates and overall investment returns. Therefore, while the rent math appears to work, the affordability of acquisitions and tenant demand remain uncertain without additional data. Investors should thoroughly investigate the local market before making any decisions.
Data Sources: FMR data from HUD (2027). 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.