Location: Bennington County, VT | Metro: Bennington County, VT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,300 |
| 1 Bedroom | $1,470 |
| 2 Bedrooms | $1,640 |
| 3 Bedrooms | $2,270 |
| 4 Bedrooms | $2,740 |
| 5 Bedrooms | $3,178 |
| 6 Bedrooms | $3,559 |
| 7 Bedrooms | $3,844 |
| 8 Bedrooms | $4,036 |
U.S. Census Bureau data (2024)
The median income in ZIP code 05250 stands at $96,250, which places it above the national average. However, when considering the market rate for rent at $1,202 per month, the affordability becomes less clear. This figure represents approximately 14.8% of the median annual income, which is within the general guideline that housing costs should not exceed 30% of household income. But, it's important to note that this calculation doesn't factor in other living expenses.
Comparatively, the Fair Market Rent (FMR) set by HUD for ZIP 05250 is $1,490, significantly higher than the market rate. This suggests that voucher holders might find it challenging to secure housing within this area, as landlords who accept vouchers would be receiving a lower amount than the typical market rate. For context, the FMR is designed to cover the cost of housing in an area, including rent and utilities, for a modest home.
The population of ZIP 05250 is 3,847, with 11.4% being renters. Given the small number of renters in this ZIP code, the competition among landlords is likely low. This means that landlords have the flexibility to choose between accepting vouchers or focusing on cash-paying tenants.
The disparity between the market rate ($1,202) and the FMR ($1,490) highlights an affordability gap for voucher holders. Since the FMR exceeds the market rate, landlords might find themselves in a situation where they receive less money per unit if they decide to accept vouchers. However, this also implies that landlords who accept vouchers could still offer competitive rates while ensuring their properties remain occupied.
Takeaway: Landlords in ZIP 05250 should consider the benefits of accepting vouchers against the potential for higher rents from cash-paying tenants. While voucher payments are lower than the FMR, they can still provide a steady stream of income without the risk of vacancy. Cash-paying tenants, on the other hand, may offer a closer alignment to the FMR but come with the uncertainty of market fluctuations and tenant turnover.
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.