Location: Barnstable Town, MA | Metro: Barnstable Town, MA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,890 |
| 1 Bedroom | $1,900 |
| 2 Bedrooms | $2,490 |
| 3 Bedrooms | $3,120 |
| 4 Bedrooms | $3,720 |
| 5 Bedrooms | $4,315 |
| 6 Bedrooms | $4,833 |
| 7 Bedrooms | $5,220 |
| 8 Bedrooms | $5,481 |
The Fair Market Rent (FMR) for ZIP code 02651 in Massachusetts for fiscal year 2024 is set at $2080. This figure represents the maximum amount that a landlord can charge a Section 8 tenant for rent in this area. It's important to note that this is not the actual rent you will receive; rather, it's the benchmark used to determine the eligibility and rent assistance for tenants under the Section 8 program.
While the local median rent is listed as N/A, the FMR gives us a solid reference point for understanding the rental market in ZIP 02651. The percentage of renters in the area who might be eligible for Section 8 assistance is also noted as N/A%, which suggests there could be significant demand for affordable housing options. However, without specific numbers, it's challenging to provide a precise estimate of the potential tenant pool.
The acquisition cost for properties in this ZIP code is listed as N/A, which indicates the average price paid for homes. This figure is crucial for assessing the value of your investment and whether the property is likely to remain profitable over time, given the FMR and other market factors.
To proceed with a Section 8 rental in ZIP 02651, ensure that the condition and quality of the property meet the Housing Quality Standards (HQS) set by the Department of Housing and Urban Development (HUD). These standards cover essential aspects such as safety, health, and structural integrity. A thorough inspection and any necessary repairs to meet these criteria will be required before you can sign a contract with a Section 8 tenant.
In summary, while the exact local median rent and the percentage of renters eligible for Section 8 assistance are not available, the FMR of $2080 provides a clear guideline for setting your rent. The lack of specific data on acquisition costs and renter share percentages should prompt further investigation into the local real estate market to make an informed decision. Verifying that your property meets HUD’s HQS is the critical step you must take before entering into a Section 8 agreement.
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.