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 | $2,380 |
| 1 Bedroom | $2,450 |
| 2 Bedrooms | $2,930 |
| 3 Bedrooms | $3,490 |
| 4 Bedrooms | $3,850 |
| 5 Bedrooms | $4,466 |
| 6 Bedrooms | $5,002 |
| 7 Bedrooms | $5,402 |
| 8 Bedrooms | $5,672 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,450 | $252,503 | 0.97% | C |
| 2BR | $2,930 | $469,216 | 0.62% | D |
| 3BR | $3,490 | $585,957 | 0.6% | F |
| 4BR | $3,850 | $682,994 | 0.56% | F |
| 5BR | $4,466 | $725,371 | 0.62% | D |
U.S. Census Bureau data (2024)
The rent math in ZIP code 02368, located in Randolph, MA, within the Boston-Cambridge-Quincy, MA-NH HUD Metro FMR area, does work favorably for landlords. The Fair Market Rent (FMR) for the zip code in fiscal year 2024 is set at $2710, which exceeds the market rent indicated by ZORI at $2,523. This means that landlords can charge slightly above the market rate without significantly deterring tenants who qualify for housing assistance.
Acquisition in this area is relatively affordable, given the median home value of $587,018. The days on market (DOM) average of 11 days suggests a brisk pace of sales, indicating that homes are selling quickly once they are listed. Furthermore, the low price-cut share of 0.1% indicates that homes are generally selling close to their asking price, making it a good time to acquire properties at or near their listed values.
Tenant demand is strong in ZIP 02368, with a total population of 34,912 and a renter share of 28.7%. This sizable portion of renters represents a substantial pool of potential tenants, ensuring that there will be ongoing interest in rental properties. The combination of a healthy population base and a significant number of renters supports robust demand for rental units.
In conclusion, ZIP code 02368 presents a favorable environment for landlords and small- portfolio investors. The rent math works in their favor, with FMRs exceeding market rents, allowing for higher rental income with government assistance. Acquisition costs are reasonable, with homes selling quickly and at close to asking prices, and tenant demand is strong, underpinned by a significant renter share of the population. These factors collectively make ZIP 02368 an attractive investment opportunity for those interested in the rental market within the Boston-Cambridge-Quincy, MA-NH HUD Metro FMR area.
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.