Location: Barnstable Town, MA | Metro: Barnstable Town, MA MSA
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 | $1,730 |
| 1 Bedroom | $1,740 |
| 2 Bedrooms | $2,280 |
| 3 Bedrooms | $2,860 |
| 4 Bedrooms | $3,410 |
| 5 Bedrooms | $3,956 |
| 6 Bedrooms | $4,431 |
| 7 Bedrooms | $4,785 |
| 8 Bedrooms | $5,024 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,740 | $201,770 | 0.86% | C |
| 2BR | $2,280 | $480,938 | 0.47% | F |
| 3BR | $2,860 | $618,691 | 0.46% | F |
| 4BR | $3,410 | $734,061 | 0.46% | F |
| 5BR | $3,956 | $1,301,441 | 0.3% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 02673, Yarmouth, MA, in Barnstable County, are driven by the SAFMR (Small Area Fair Market Rent) which is set specifically for this ZIP code. For a two-bedroom apartment, the SAFMR for FY 2024 is $2230. This figure is higher than the local market rent, which stands at $1,463 according to the Census ACS.
A landlord participating in the Section 8 program receives a reimbursement based on the SAFMR, but it's important to understand how the total payment is calculated. The voucher covers the difference between the tenant's portion and the SAFMR, plus any applicable utility allowances. Typically, the tenant contributes 30% of their adjusted income towards rent. If we assume an average adjusted income of $1,800 per month, the tenant would contribute approximately $540 towards rent.
To illustrate, if a landlord charges the maximum allowable rent under Section 8, which is the SAFMR of $2230, and the tenant contributes $540, the landlord would receive a reimbursement of $1,690 from the housing authority. Additionally, there are utility allowances that can vary; for simplicity, let’s say the utility allowance is $200. Therefore, the total reimbursement to the landlord would be $1,890 ($1,690 for rent and $200 for utilities).
This means that even though the SAFMR is $2230, the actual reimbursement a landlord might expect is lower, due to the tenant contribution and utility allowances. In ZIP 02673, where the local market rent is significantly below the SAFMR, landlords may find themselves with a surplus when renting to Section 8 tenants. The typical reimbursement gap or surplus for a two-bedroom unit in this scenario would be a surplus of $427 per month ($1,890 - $1,463).
Landlords should also consider that the SAFMR is periodically adjusted, so future years might see changes in these figures. Nonetheless, for FY 2024, the economics of Section 8 in ZIP 02673 favor landlords with a substantial surplus over the local market rent.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.