Location: Lawrence, MA | Metro: Lawrence, MA-NH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,630 |
| 1 Bedroom | $1,760 |
| 2 Bedrooms | $2,300 |
| 3 Bedrooms | $2,740 |
| 4 Bedrooms | $3,020 |
| 5 Bedrooms | $3,503 |
| 6 Bedrooms | $3,923 |
| 7 Bedrooms | $4,237 |
| 8 Bedrooms | $4,449 |
The potential risks for investing in Section 8 housing in ZIP code 03073 in Unknown, MA, include high tenant turnover and significant vacancy exposure. The market rent is currently unknown, but the Fair Market Rent (FMR) for FY 2024 stands at $1900. This discrepancy can lead to frequent changes in occupancy, as tenants might leave when better rental opportunities arise. Additionally, the vacancy exposure is heightened due to the unknown number of days on the market (DOM), indicating that properties may remain unoccupied for extended periods, reducing income.
The deferred maintenance exposure is another concern. With both the typical home value and median income being unknown, it's challenging to assess the financial health of local homeowners and their ability to maintain properties. This uncertainty can translate into higher costs for landlords who must cover repairs and upkeep not managed by previous owners or tenants.
Despite these challenges, the high renter share in the area, though unspecified, suggests strong demand for rental properties, including those that accept Section 8 vouchers. High renter density typically correlates with greater competition for available units, which can stabilize the demand for subsidized housing.
Verdict: Moderate risk for a first-time Section 8 landlord in ZIP 03073, Unknown, MA.
Data Sources: FMR data from HUD (2027).
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.