Location: Portsmouth-Rochester, NH | Metro: Portsmouth-Rochester, NH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,450 |
| 1 Bedroom | $1,510 |
| 2 Bedrooms | $1,980 |
| 3 Bedrooms | $2,430 |
| 4 Bedrooms | $2,650 |
| 5 Bedrooms | $3,074 |
| 6 Bedrooms | $3,443 |
| 7 Bedrooms | $3,718 |
| 8 Bedrooms | $3,904 |
U.S. Census Bureau data (2024)
ZIP code 03851, located in Milton, NH, falls within the Portsmouth-Rochester, NH HUD Metro FMR Area. To understand its position relative to other ZIP codes in this area, let's examine the key figures: the Fair Market Rent (FMR) for ZIP 03851 is set at $1,430 for fiscal year 2024, while the actual market rent stands at $1,587. The median home value in 03851 is $452,523, and the renter share is 14.3%.
When comparing these figures to typical ZIP codes within the Portsmouth-Rochester, NH HUD Metro FMR Area, we can infer that ZIP 03851 represents a mid-tier neighborhood. The FMR is slightly lower than the market rent, indicating that it is somewhat affordable but not significantly so. The median home value is also indicative of a middle-ground price point, suggesting that it is neither a low-value pocket nor a premium sub-market.
The renter share of 14.3% is relatively low compared to what might be expected in a typical metropolitan area, where higher shares often signify a greater demand for rental properties. However, the combination of an above-average market rent and a below-metro average home value could suggest that 03851 has some appeal for renters, particularly those seeking affordable housing options under the Section 8 program. This makes it a potential sweet spot for landlords and small-portfolio investors interested in the Section 8 market.
In conclusion, ZIP 03851 offers a balanced opportunity for investors, with rents that are competitive and home values that are reasonable. It is a mid-tier neighborhood with some characteristics that could make it attractive for Section 8 tenants, especially given the slight affordability gap between FMR and market rent.
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.