Location: Portsmouth-Rochester, NH | Metro: Portsmouth-Rochester, 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 | $1,960 |
| 1 Bedroom | $2,110 |
| 2 Bedrooms | $2,760 |
| 3 Bedrooms | $3,290 |
| 4 Bedrooms | $3,710 |
| 5 Bedrooms | $4,304 |
| 6 Bedrooms | $4,820 |
| 7 Bedrooms | $5,206 |
| 8 Bedrooms | $5,466 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,760 | $754,879 | 0.37% | F |
| 3BR | $3,290 | $868,423 | 0.38% | F |
| 4BR | $3,710 | $1,127,019 | 0.33% | F |
U.S. Census Bureau data (2024)
The median income in ZIP 03840, Greenland, NH, stands at $162,837, which places it above the national average. Despite this relatively high income level, the market rent rate of $2,331 per month poses a significant challenge for many households. To put this into perspective, let’s consider how this compares to the federal payment standard for housing vouchers.
The Fair Market Rent (FMR) for ZIP 03840 for fiscal year 2024 is set at $2,930. This means that the government would pay up to $2,930 for a unit to qualify under the Section 8 program. However, the actual market rent of $2,331 is lower than the FMR, suggesting that landlords could potentially charge closer to the FMR and still remain competitive in the local rental market.
Given that only 6.7% of the 4,106 residents are renters, the competition among landlords is likely to be fierce. The low percentage of renters indicates a tight market where landlords must carefully balance their rent rates to attract tenants without pricing themselves out of the subsidy range.
The affordability gap is evident when comparing the median income to the market rent. A household earning the median income would find it challenging to dedicate over 14% of their monthly income to rent alone. For those relying on housing vouchers, the gap is even more pronounced, as they can only afford to pay a portion of the total rent, with the rest subsidized by the government.
For landlords considering their rental strategy, the takeaway is clear. While the market rent is lower than the FMR, the limited number of renters means that there is a significant opportunity for those willing to accept Section 8 vouchers. By doing so, landlords can tap into a reliable source of income, as the government will cover the difference between the tenant’s contribution and the FMR. However, landlords should also be prepared to compete with others who might offer slightly higher rents but still within the voucher limits.
In conclusion, landlords in ZIP 03840 should seriously consider accepting Section 8 vouchers to ensure a steady stream of tenants. The combination of a high median income and a lower market rent rate presents an opportunity to increase rental income while serving a community in need.
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.