Location: Merrimack County, NH | Metro: Manchester, NH 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 | $1,480 |
| 1 Bedroom | $1,620 |
| 2 Bedrooms | $2,120 |
| 3 Bedrooms | $2,530 |
| 4 Bedrooms | $2,790 |
| 5 Bedrooms | $3,236 |
| 6 Bedrooms | $3,624 |
| 7 Bedrooms | $3,914 |
| 8 Bedrooms | $4,110 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,620 | $201,015 | 0.81% | C |
| 2BR | $2,120 | $360,186 | 0.59% | F |
| 3BR | $2,530 | $458,509 | 0.55% | F |
| 4BR | $2,790 | $464,804 | 0.6% | D |
U.S. Census Bureau data (2024)
The rent math in ZIP 03102, located in Manchester, NH, within the Merrimack County, NH metro area, does not favor landlords. The Fair Market Rent (FMR) set at $1740 for fiscal year 2024 is notably below the market rent indicated by ZORI at $2,030. This discrepancy suggests that landlords may struggle to cover their costs if they adhere strictly to the FMR guidelines.
Acquisition of properties in this ZIP code is relatively affordable. With a median home value of $418,651, potential investors can acquire homes without facing exorbitant costs. However, the lack of available data on days on market (DOM) and the low percentage of homes requiring price cuts (0.1%) indicate a strong seller's market where competition among buyers might drive up prices, thus reducing the affordability for new acquisitions.
Tenant demand in ZIP 03102 is robust. The population of 33,959 supports a significant rental market, with 59.0% of residents being renters. This high renter share suggests a steady pool of potential tenants, which is beneficial for landlords looking to maintain occupancy rates.
In summary, while tenant demand is strong and the median home value is reasonable, the gap between the FMR and market rent presents a challenge for landlords. They must either accept lower profits by adhering to the FMR or risk higher vacancy rates by charging closer to the market rate. Given these factors, ZIP 03102 offers opportunities but requires careful financial planning to ensure profitability.
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.