Location: Merrimack County, NH | Metro: Merrimack County, NH
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,230 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,780 |
| 3 Bedrooms | $2,350 |
| 4 Bedrooms | $2,360 |
| 5 Bedrooms | $2,738 |
| 6 Bedrooms | $3,067 |
| 7 Bedrooms | $3,312 |
| 8 Bedrooms | $3,478 |
U.S. Census Bureau data (2024)
The analysis for ZIP code 03231 in East Andover, NH, reveals a significant gap between the Fair Market Rent (FMR) and the actual market conditions. The FMR for a metropolitan area in fiscal year 2026 is set at $1,870. However, the median home value in this ZIP code is $604,800, indicating that the FMR is significantly lower than the market rent. This discrepancy highlights the cost implications for landlords who accept housing vouchers.
The gap between the FMR and the market rent is $1,870 versus the median home value, which implies that voucher tenants would be renting properties at a rate well below the market value. Specifically, the FMR represents approximately 31% of the median home value, calculated as follows: ($1,870 / $604,800) * 100 = 31%. This percentage underscores the substantial difference between the two figures.
In ZIP code 03231, where 37.9% of residents are renters, landlords must carefully consider the financial impact of accepting Section 8 vouchers. Voucher tenants will pay a portion of their income towards rent, typically 30%, while the government covers the remaining balance. Given the high median home value, landlords may experience a significant reduction in rental income if they choose to participate in the program. The median household income in this area is $141,875, further emphasizing the disparity between FMR and local economic realities.
Landlords and small-portfolio investors should recognize that accepting Section 8 vouchers in ZIP code 03231 can result in lower yields compared to open-market rental rates. The decision to engage in this program should be based on a thorough understanding of the financial dynamics and the willingness to accept a reduced income in exchange for stable, government-backed payments.
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.