Location: Burlington-South Burlington, VT | Metro: Burlington-South Burlington, VT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,430 |
| 1 Bedroom | $1,580 |
| 2 Bedrooms | $1,990 |
| 3 Bedrooms | $2,510 |
| 4 Bedrooms | $2,620 |
| 5 Bedrooms | $3,039 |
| 6 Bedrooms | $3,404 |
| 7 Bedrooms | $3,676 |
| 8 Bedrooms | $3,860 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 05457 in West Virginia for fiscal year 2024 is set at $1,460. This figure represents the payment standard for landlords participating in the Section 8 Housing Choice Voucher program. It does not mean you will be receiving $1,460 as rent from your tenants; rather, it is the maximum amount the government will pay on behalf of eligible tenants.
To put this into perspective, the average rent for properties in ZIP 05457, according to Census ACS data, is $868. This means that if you participate in Section 8, the government's contribution could cover a significant portion of the rent, potentially making up for the difference between the lower market rates and the higher FMR.
The 18.3% share of renters in the area indicates a moderate demand for rental housing. This percentage suggests that nearly one-fifth of the residents are looking for places to rent, which can be a good sign for landlords entering the market. However, it also implies that competition among landlords for these vouchers might exist, especially given the relatively low average rent of $868.
When acquiring a property for the first time under Section 8, the typical purchase price is around $335,532. This figure reflects the median home value in the area and should be considered when evaluating the potential costs and returns of investing in a Section 8 rental property.
Before committing to a Section 8 rental property in ZIP 05457, it is crucial to verify that the property meets all the required standards set by the Department of Housing and Urban Development (HUD). These standards include safety, health, and habitability criteria, ensuring that the property is in good condition and fit for living. Failure to meet these standards can result in reduced payments or even disqualification from the program.
In summary, the FMR of $1,460 sets the maximum government subsidy for Section 8 tenants in ZIP 05457, providing a financial cushion above the local average rent of $868. With an 18.3% renter share, there is a steady demand for rental units, and the typical acquisition cost of $335,532 should be carefully weighed against the potential income. Ensure your property meets HUD standards to avoid any issues with the program.
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.