Location: Carroll County, NH | Metro: Carroll 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 | $1,180 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,670 |
| 3 Bedrooms | $2,310 |
| 4 Bedrooms | $2,730 |
| 5 Bedrooms | $3,167 |
| 6 Bedrooms | $3,547 |
| 7 Bedrooms | $3,831 |
| 8 Bedrooms | $4,023 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,670 | $382,632 | 0.44% | F |
| 3BR | $2,310 | $480,564 | 0.48% | F |
| 4BR | $2,730 | $618,713 | 0.44% | F |
U.S. Census Bureau data (2024)
ZIP code 03849, located in Madison, New Hampshire, stands out within Carroll County due to several key demographic and economic factors. With a population of 1,465 residents, only 8.3% are renters, indicating a predominantly owner-occupied community. The median income in this area is $96,439, which is notably higher than the national average, suggesting a relatively affluent local economy. Additionally, the median home value of $436,814 reflects the high cost of living and property values typical of this region.
From a Section 8 perspective, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,830. This figure is significantly above the current market rent of $1,474, as reported by the Census Bureau's American Community Survey. This discrepancy presents an opportunity for landlords and small-portfolio investors, as it means that the federal housing assistance can cover a substantial portion of the rental costs, making it easier to attract tenants who might otherwise struggle to afford housing in this ZIP code. The higher FMR also suggests that there is room for landlords to charge rents closer to the market rate without losing out on potential tenants who rely on Section 8 vouchers.
Based on the available data, ZIP 03849 appears to be a stable market with a strong local economy and high property values. The significant gap between the FMR and the actual market rent indicates a favorable environment for those looking to participate in the Section 8 program. Landlords and investors should consider the potential for steady rental income and the benefits of serving a community with a high median income, where the federal subsidy can help bridge the affordability gap for renters.
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.