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 | $2,590 |
| 1 Bedroom | $2,670 |
| 2 Bedrooms | $3,190 |
| 3 Bedrooms | $3,800 |
| 4 Bedrooms | $4,190 |
| 5 Bedrooms | $4,860 |
| 6 Bedrooms | $5,443 |
| 7 Bedrooms | $5,878 |
| 8 Bedrooms | $6,172 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,670 | $398,369 | 0.67% | D |
| 2BR | $3,190 | $701,202 | 0.45% | F |
| 3BR | $3,800 | $909,108 | 0.42% | F |
| 4BR | $4,190 | $1,155,166 | 0.36% | F |
| 5BR | $4,860 | $1,275,119 | 0.38% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 02452, Waltham, MA, in fiscal year 2024 is set at $3090. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you will receive; it's the payment standard used by the housing authority to determine the subsidy amount.
In comparison, the Zillow Observed Rent Index (ZORI), which reflects the average rent paid by tenants in the area, stands at $2,848. This indicates that the market rent is slightly below the FMR, meaning that if you participate in Section 8, your rental income might be higher than what most tenants are paying on the open market. However, the subsidy rate is capped at the FMR, so you cannot charge more than $3090 per month for a Section 8 tenant.
The 48.9% renter share tells us that nearly half of the households in Waltham are renters, suggesting a steady demand for rental properties. This makes it a good area for landlords who want to ensure occupancy. Additionally, the median home value in Waltham is around $867,197, which gives you an idea of the acquisition cost if you're looking to buy a property for your rental portfolio. Keep in mind that rental properties typically cost less than owner-occupied homes, but this figure provides a benchmark for the local real estate market.
Before committing to a Section 8 rental, there is one key factor to verify: the condition of the property must meet the Housing Quality Standards (HQS). These standards ensure that the rental unit is safe and habitable. While the specifics can vary, HQS generally require that all major systems—like heating, plumbing, and electrical—are in working order, and that there are no significant health or safety hazards. This is crucial because failing to meet these standards could result in the loss of Section 8 tenancy, affecting your rental income.
By participating in the Section 8 program, you can benefit from a guaranteed income source, albeit with some restrictions on rent. The demand for rentals in Waltham is strong, and the FMR offers a reasonable subsidy to cover the costs of maintaining a rental property. Just make sure your property meets the necessary standards to avoid any issues down the line.
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.