Location: Sullivan County, NH | Metro: Sullivan County, NH
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,400 |
| 1 Bedroom | $1,530 |
| 2 Bedrooms | $2,010 |
| 3 Bedrooms | $2,790 |
| 4 Bedrooms | $3,100 |
| 5 Bedrooms | $3,596 |
| 6 Bedrooms | $4,028 |
| 7 Bedrooms | $4,350 |
| 8 Bedrooms | $4,568 |
U.S. Census Bureau data (2024)
To determine if you should buy in ZIP code 03745 (Cornish, NH) for Section 8 purposes, follow this decision tree:
1) Does the Fair Market Rent (FMR) of $2,230 cover the debt service on a property priced at $439,466?
No. The FMR of $2,230 does not sufficiently cover the debt service on a property costing $439,466. Debt service includes mortgage payments, property taxes, insurance, and maintenance costs. At this price point, the rental income would likely be insufficient to meet these financial obligations.
It depends. If you are considering a property significantly below the median price of $439,466, then the FMR might cover the debt service. For instance, a property with lower associated costs such as taxes or insurance could make the FMR of $2,230 viable for covering debt service.
Yes. If the property you are looking at has a much lower purchase price and associated costs that allow the FMR of $2,230 to cover all debt service requirements, then it is a potential candidate for Section 8 investment.
2) Is the market rent of $1,221 above, at, or below the FMR?
Below. The market rent of $1,221 is below the FMR of $2,230, indicating that tenants who qualify for Section 8 can afford higher rents than what the market currently offers. This suggests that Section 8 tenants could potentially pay more, making the investment more attractive.
At. If market rents were closer to the FMR, this would imply that Section 8 tenants would be paying close to market rates, which is ideal but not the case here.
Above. This scenario does not apply as the market rent is lower than the FMR.
3) Are 5.9% renters and an unknown Days on Market (DOM) indicative of sufficient demand?
No. With only 5.9% of residents being renters, the demand for rental properties is low. Additionally, the lack of data on Days on Market indicates uncertainty regarding how quickly properties are typically leased. This combination points towards a weak rental market, making it less favorable for Section 8 investments.
It depends. If the Days on Market data were available and indicated quick leasing times despite the low percentage of renters, there might still be a niche market for Section 8 properties. However, given the limited information, the low rental rate suggests caution.
Yes. This scenario is unlikely given the current data, but if there were other factors driving high demand for rentals, such as seasonal tourism or a growing workforce, then the investment could still be considered.
In conclusion, unless you can find a property with significantly lower costs that allows the FMR to cover debt service, and there are additional market factors driving rental demand, investing in Cornish, NH for Section 8 is not advisable based on the available data.
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.