Location: Merrimack County, NH | Metro: Western Rockingham County, 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 | $1,520 |
| 1 Bedroom | $1,630 |
| 2 Bedrooms | $2,130 |
| 3 Bedrooms | $2,770 |
| 4 Bedrooms | $2,800 |
| 5 Bedrooms | $3,248 |
| 6 Bedrooms | $3,638 |
| 7 Bedrooms | $3,929 |
| 8 Bedrooms | $4,125 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,630 | $251,127 | 0.65% | D |
| 2BR | $2,130 | $362,872 | 0.59% | F |
| 3BR | $2,770 | $511,880 | 0.54% | F |
| 4BR | $2,800 | $584,497 | 0.48% | F |
| 5BR | $3,248 | $684,783 | 0.47% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 03104, which covers Manchester, NH, is set at $1790 for fiscal year 2024. This figure represents the maximum amount the federal government will pay landlords who participate in the Section 8 program for housing units in this area. It's important to note that this is not the rent you would charge your tenants; it's the reimbursement limit from the government.
In comparison, the local market rent for a typical two-bedroom apartment in ZIP 03104 is around $1,879, based on the Zillow Rent Index (ZORI). This indicates that the FMR is slightly below the average market rent, suggesting that landlords might need to adjust their expectations if they plan to exclusively rely on Section 8 payments to cover their costs.
With a 46.1% share of renters in the area, there is a significant demand for affordable housing. This high percentage of renters means that there is a large pool of potential tenants who could benefit from the Section 8 program. However, it also implies that competition among landlords for these tenants could be fierce, as many property owners are likely aware of the demand and are positioning themselves to attract Section 8 participants.
The median home value in ZIP 03104 is approximately $475,355. This figure can help you understand the typical price range for acquiring a property in the area. Given the high median home value, it's crucial to consider the financial implications of participating in the Section 8 program, especially when it comes to covering mortgage payments, maintenance, and other operational costs.
Before committing to a Section 8 rental, one critical step is to verify that your property meets the minimum standards required by the program. The Housing Quality Standards (HQS) ensure that the unit is safe, decent, and sanitary for occupancy. This verification is essential because failing to meet these standards could result in penalties or disqualification from the program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.