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 | $1,080 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,540 |
| 3 Bedrooms | $2,120 |
| 4 Bedrooms | $2,560 |
| 5 Bedrooms | $2,970 |
| 6 Bedrooms | $3,326 |
| 7 Bedrooms | $3,592 |
| 8 Bedrooms | $3,772 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,540 | $391,524 | 0.39% | F |
| 3BR | $2,120 | $516,914 | 0.41% | F |
| 4BR | $2,560 | $605,344 | 0.42% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 03860, located in Conway, NH, within the Carroll County, NH metro area, reveals key insights for potential Section 8 real-estate investments.
The rent math does not work favorably here. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,520, which is significantly higher than the actual market rent of $1,033 according to the Census ACS. This discrepancy means that landlords may struggle to find tenants willing to pay the FMR rate, potentially leading to vacancies or the need to lower rents to match market expectations.
Acquisition in this area is moderately affordable. With a median home value of $486,656, purchasing property is feasible but comes with a higher price tag compared to some other regions. However, the lack of available data on days on market (DOM) and the low percentage of homes needing price cuts (0.2%) indicate a stable housing market where properties generally sell without extensive negotiation.
Tenant demand is present but limited. The total population of 3,693 includes a substantial 36.3% renter share. This suggests a reasonable pool of potential tenants, though the small size of the population could make it challenging to fill units quickly or maintain consistent occupancy levels.
A careful consideration of these factors leads to a cautious recommendation for investment in ZIP 03860. While there is a presence of tenant demand and acquisition appears to be reasonably priced, the mismatch between the FMR and the market rent poses a significant challenge. Landlords should be prepared for the possibility of reduced rental income if they wish to attract tenants, or they may face difficulty in finding tenants willing to pay the higher FMR rate. The stability of the housing market offers some assurance against rapid declines in property values, but the overall financial viability hinges critically on aligning with local rental market realities.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.