Location: New Bedford, MA | Metro: New Bedford, 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 | $1,280 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $1,970 |
| 4 Bedrooms | $2,500 |
| 5 Bedrooms | $2,900 |
| 6 Bedrooms | $3,248 |
| 7 Bedrooms | $3,508 |
| 8 Bedrooms | $3,683 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,650 | $408,561 | 0.4% | F |
| 3BR | $1,970 | $455,975 | 0.43% | F |
| 4BR | $2,500 | $476,055 | 0.53% | F |
U.S. Census Bureau data (2024)
The ZIP code 02744, located in New Bedford, Massachusetts, presents a dynamic rental market with notable insights into the balance between supply and demand. The Fair Market Rent (FMR) for the area is set at $1400 for fiscal year 2024, indicating the government's benchmark for affordability. In contrast, the actual market rent, measured by Zillow's ZORI, stands at $1,775, suggesting that the private market values rentals higher than the government's estimate.
The median home value in the area is $444,237, which provides context for the overall cost of living and property values. While specific data on the percentage of price cuts and days on the market (DOM) are not available, the disparity between the FMR and the market rent implies that demand may be slightly outpacing supply. Landlords and small-portfolio investors can expect a competitive rental market where tenants are willing to pay above the FMR to secure housing.
A significant 65.6% of residents in ZIP 02744 are renters, which is a key indicator of long-term housing pressure. This high percentage of renters suggests that there is a continuous need for rental properties, likely due to factors such as affordability, transient populations, or a preference for renting over buying. For investors, this means that the rental market is robust and will continue to support steady occupancy rates, making it an attractive investment area.
The gap between the FMR and the market rent also highlights the potential for rental income growth. However, landlords must remain vigilant about maintaining properties to meet market expectations, as tenants are willing to pay a premium for quality living spaces. With the median home value being relatively stable, it indicates that while the rental market is active, the homeownership market is also steady, though less volatile.
In summary, ZIP 02744 is characterized by a strong rental market where demand appears to be outpacing supply, driven by a significant renter population and rental prices exceeding government benchmarks. This dynamic creates a favorable environment for landlords and small-portfolio investors seeking consistent returns and occupancy.
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.