Location: New Bedford, MA | Metro: Brockton, MA 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 | $1,780 |
| 1 Bedroom | $1,790 |
| 2 Bedrooms | $2,290 |
| 3 Bedrooms | $2,730 |
| 4 Bedrooms | $3,470 |
| 5 Bedrooms | $4,025 |
| 6 Bedrooms | $4,508 |
| 7 Bedrooms | $4,869 |
| 8 Bedrooms | $5,112 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,290 | $489,557 | 0.47% | F |
| 3BR | $2,730 | $591,352 | 0.46% | F |
| 4BR | $3,470 | $696,087 | 0.5% | F |
U.S. Census Bureau data (2024)
The ZIP code 02702, located in Freetown, MA, stands out among other ZIP codes due to its unique demographic and economic characteristics. With a total population of 4,488 residents, only 7.7% are renters, indicating a primarily owner-occupied community. The median income here is $153,038, reflecting a relatively affluent area. This is further supported by the median home value of $579,246, which is significantly higher than the national average.
In terms of voucher economics, the Fair Market Rent (FMR) for ZIP 02702 in fiscal year 2024 is set at $2,190, while the actual market rent, based on Census ACS data, is $1,670. This discrepancy suggests that landlords could potentially benefit from participating in the Section 8 program, as the government subsidy would bring rents closer to the FMR level. However, the low rental rate indicates that there might be limited demand for rental properties in this ZIP code.
The data signature for ZIP 02702 reads as stable. The high median income and median home value suggest a strong local economy and a population that is financially secure. Additionally, the low percentage of renters implies that the housing market is predominantly driven by homeownership, which is typically less volatile than the rental market. While the voucher economics present an opportunity for landlords, the overall environment appears conducive to maintaining steady property values and occupancy rates.
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.