Location: Barnstable Town, MA | Metro: Barnstable Town, MA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,660 |
| 1 Bedroom | $1,670 |
| 2 Bedrooms | $2,180 |
| 3 Bedrooms | $2,690 |
| 4 Bedrooms | $3,090 |
| 5 Bedrooms | $3,584 |
| 6 Bedrooms | $4,014 |
| 7 Bedrooms | $4,335 |
| 8 Bedrooms | $4,552 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 02667, Wellfleet, Massachusetts, for fiscal year 2024 is set at $1,850. 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 necessarily the rent you will receive; it's the upper limit for rent charges.
In comparison, the average market rent for Wellfleet, according to the Census Bureau's American Community Survey (ACS), is $1,563. This indicates that the FMR is higher than the typical rent in the area, which could be beneficial for landlords participating in the Section 8 program. The difference between the FMR and the average market rent suggests that landlords may receive a slightly higher rent compared to non-Section 8 properties.
The 16.3% share of renters in Wellfleet points to the demand for rental housing. While this percentage might seem low, it still represents a significant portion of the population who would benefit from the Section 8 program. To put this into perspective, if you're considering acquiring a property in Wellfleet for a Section 8 rental, the median home value is around $930,279. This high price tag underscores the importance of understanding the local rental market and the potential benefits of the Section 8 program.
Before committing to a Section 8 rental property in Wellfleet, ensure that the property meets all the necessary requirements for the program. Specifically, verify that your property passes a Housing Quality Standards (HQS) inspection. This ensures that your rental unit is safe and habitable, which is mandatory for participation in the Section 8 program. Once these standards are met, you can confidently proceed with the application process, knowing that your investment aligns with both the local market and the federal guidelines.
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.