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 02662 in Massachusetts for fiscal year 2024 is set at $2080. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It's important to note that this is not the rent you will receive; it is the payment standard used by the housing authority to determine the subsidy amount.
To clarify, if you decide to participate in the Section 8 program with a property in ZIP 02662, your rent cannot exceed $2080 per month. The housing authority will pay a portion of the rent based on the voucher holder's income, ensuring that the tenant pays no more than 30% of their adjusted monthly income towards rent.
Local market rents in ZIP 02662 are currently listed as N/A, which makes direct comparison challenging. However, the N/A% of the population that are renters indicates a significant demand for rental properties in this area. This high percentage suggests that there is a strong market for rentals, including those that might be covered by Section 8 vouchers.
In terms of acquiring a property in this ZIP code, the average home price is listed as N/A. This figure should be considered when evaluating the potential profitability of a Section 8 rental. While the FMR provides a ceiling for rent, the actual rent you receive will depend on the voucher holder's income level.
Before proceeding with a Section 8 rental, it is crucial to verify that your property meets the minimum property standards set by the housing authority. These standards ensure that the property is safe, decent, and sanitary for tenants. Failure to meet these criteria can result in disqualification from the program.
Participating in the Section 8 program can provide a steady stream of income and reduce vacancy rates, given the high percentage of renters in ZIP 02662. However, it also requires compliance with federal guidelines and regular inspections. If you are willing to meet these requirements, the $2080 FMR can offer a predictable financial framework for your investment.
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.