Section 8 Fair Market Rent (FMR) for ZIP 02777 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 02777

• Fall River Housing Authority (Fall River, MA) - 2,489 Section 8 vouchers
• New Bedford Housing Authority (New Bedford, MA) - 1,932 Section 8 vouchers
• Taunton Housing Authority (Taunton, MA) - 1,165 Section 8 vouchers
• Dartmouth Housing Authority (Dartmouth, MA) - 201 Section 8 vouchers
• Attleboro Housing Authority (Attleboro, MA) - 200 Section 8 vouchers
• Mansfield Housing Authority (Mansfield, MA) - 137 Section 8 vouchers
• North Attleborough Housing Authority (North Attleboro, MA) - 108 Section 8 vouchers
• Easton Housing Authority (North Easton, MA) - 104 Section 8 vouchers
• Swansea Housing Authority (Swansea, MA)

To determine if you should invest in ZIP 02777 (Swansea, MA) for Section 8 properties, follow this decision tree based on the provided data.

1) Does FMR $1700 (zip FY 2024) clear debt service on a $511,984 property?

• No: The Fair Market Rent (FMR) for ZIP 02777 in fiscal year 2024 is set at $1700 per month. To assess whether this clears the debt service, consider the typical mortgage payment on a property valued at $511,984. Assuming a 30-year fixed-rate mortgage at an interest rate of 4%, the monthly principal and interest would be approximately $2,483. This exceeds the FMR, indicating that solely relying on Section 8 tenants would not cover your mortgage payments. Additional income sources or lower financing costs would be required.

2) Is market rent $1,226 (Census ACS) above, at, or below FMR?

• Below: The average market rent in ZIP 02777, according to Census ACS data, is $1,226 per month. This is below the FMR of $1700. While this suggests that Section 8 rents might be higher than the market rate, it also indicates that non-Section 8 tenants might find the rent too high, potentially affecting occupancy rates.

3) Are 14.8% renters + N/A-day days on market (DOM) enough demand?

• It Depends: With 14.8% of households being renters, there is some rental demand in ZIP 02777. However, the lack of data on days on market (DOM) makes it difficult to gauge how quickly rental properties are occupied. High DOM values could indicate a slower rental market, which might not be ideal for Section 8 properties where turnover can be slower due to the nature of the program. Consider local real estate trends and consult with local realtors to understand the rental market dynamics better.

In conclusion, ZIP 02777's FMR does not clear the debt service on a $511,984 property, and the market rent is below the FMR. Rental demand exists but is moderate, and without DOM data, it's challenging to predict occupancy speed. If you still wish to invest, ensure you have a solid understanding of the local rental market and possibly look for ways to reduce financing costs or supplement income.

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.