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 | $1,290 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,660 |
| 3 Bedrooms | $1,980 |
| 4 Bedrooms | $2,510 |
| 5 Bedrooms | $2,912 |
| 6 Bedrooms | $3,261 |
| 7 Bedrooms | $3,522 |
| 8 Bedrooms | $3,698 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,660 | $364,992 | 0.45% | F |
| 3BR | $1,980 | $436,296 | 0.45% | F |
| 4BR | $2,510 | $452,720 | 0.55% | F |
U.S. Census Bureau data (2024)
New Bedford, Massachusetts, represented by ZIP code 02746, stands out as a renter-heavy community with significant demand for housing vouchers. The population of 17,531 residents is predominantly composed of renters, with an impressive 82.7% of the populace leasing their homes. This high percentage of renters indicates a robust market for Section 8 tenants.
The median household income in New Bedford is $41,917, which contrasts sharply with the average market rent of $1,968 per month. To put this into perspective, typical rent consumes approximately 56.3% of the local median income when calculated on an annual basis. This is significantly higher than the Fair Market Rent (FMR) set at $1,280 for FY 2024, indicating that the cost of living in the area exceeds federal guidelines by nearly 54%.
The discrepancy between the actual market rent and the FMR suggests that landlords in New Bedford may face challenges in attracting tenants who qualify for federal housing assistance due to the limited voucher amounts. However, the high concentration of renters implies a strong potential for Section 8 participation, provided that landlords can offer competitive pricing within the voucher limits.
In summary, landlords in New Bedford should anticipate a tenant pool that is heavily reliant on rental housing and likely to seek assistance through housing vouchers. While the local market rent is higher than the FMR, the deep voucher demand presents opportunities for landlords willing to adjust their rates to attract and retain tenants. The expected tenant will be someone looking for affordable housing options and potentially relying on government subsidies to meet monthly rent obligations.
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.