Location: Cheshire County, NH | Metro: Cheshire County, NH
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 | $1,260 |
| 1 Bedroom | $1,380 |
| 2 Bedrooms | $1,810 |
| 3 Bedrooms | $2,370 |
| 4 Bedrooms | $2,380 |
| 5 Bedrooms | $2,761 |
| 6 Bedrooms | $3,092 |
| 7 Bedrooms | $3,339 |
| 8 Bedrooms | $3,506 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,380 | $251,400 | 0.55% | F |
| 2BR | $1,810 | $283,370 | 0.64% | D |
| 3BR | $2,370 | $365,449 | 0.65% | D |
| 4BR | $2,380 | $433,895 | 0.55% | F |
| 5BR | $2,761 | $565,372 | 0.49% | F |
U.S. Census Bureau data (2024)
If you are considering purchasing a property in ZIP code 03431 (Keene, NH) for Section 8 investment, follow this decision tree to determine if it's a suitable choice.
Step 1: Can the Fair Market Rent (FMR) of $1,990 cover the debt service on a property valued at $342,888?
No: The FMR does not clear the debt service on a $342,888 property. This makes the investment unprofitable without additional subsidies or a significant equity stake. Proceed to Step 2 only if you can secure other sources of income or financing.
Yes: The FMR of $1,990 can cover the debt service on a $342,888 property, making it financially viable. Move to Step 2.
It Depends: The financial viability hinges on the specifics of your mortgage terms and any additional expenses. Calculate your exact debt service to confirm.
Step 2: Is the market rent ($1,922 ZORI) above, at, or below the FMR?
Market Rent Below FMR: At $1,922, the market rent is slightly below the FMR of $1,990. This indicates that Section 8 tenants may be able to afford higher rents than what the market demands, potentially offering a buffer against vacancy rates.
Market Rent Equal to FMR: If the market rent were equal to the FMR, it would suggest that the property is priced exactly at the limit of what Section 8 tenants can afford. However, with the current ZORI being $1,922, this scenario does not apply.
Market Rent Above FMR: Not applicable as the ZORI is below the FMR. If the market rent were above the FMR, it would make the property less attractive to Section 8 tenants.
Step 3: Do the 43.8% renters and the N/A-day Days on Market (DOM) indicate sufficient demand?
Yes: With 43.8% of the population renting, there is a substantial demand for rental properties. The N/A-day DOM suggests that properties are either rented quickly or the data is incomplete, which could mean strong competition or high turnover rates.
No: If the percentage of renters were significantly lower, or if the DOM were unusually high, it would signal weak demand. However, with 43.8% renters, demand is strong enough to support Section 8 investments.
It Depends: While the renter percentage is high, the lack of DOM data means you must consider other factors such as local economic trends, employment rates, and housing stock availability. High demand but no DOM data suggests potential risks that need further investigation.
In conclusion, ZIP 03431 offers a viable option for Section 8 investment if the FMR can cover your debt service and you are willing to manage the slight gap between market rent and FMR. The high percentage of renters supports demand, but the absence of DOM data requires caution and further research.
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.