Location: Lamoille County, VT | Metro: Burlington-South Burlington, VT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,350 |
| 1 Bedroom | $1,490 |
| 2 Bedrooms | $1,930 |
| 3 Bedrooms | $2,480 |
| 4 Bedrooms | $2,550 |
| 5 Bedrooms | $2,958 |
| 6 Bedrooms | $3,313 |
| 7 Bedrooms | $3,578 |
| 8 Bedrooms | $3,757 |
U.S. Census Bureau data (2024)
The ZIP code 05489 in West Virginia has a population of 3,484, with 19.2% of residents being renters. This indicates that it is not a renter-heavy area; rather, it is dominated by homeowners. The median household income stands at $92,352, which is relatively high compared to the national average.
Unfortunately, specific market rent data for this ZIP code is not available, making it challenging to provide an exact percentage of local income spent on rent. However, we can use the Fair Market Rent (FMR) as a benchmark to gauge affordability. The FMR for ZIP 05489 is set at $2,370 per month for FY 2024. Given the median household income, we can infer that typical rent consumes a smaller portion of the local income, suggesting that most residents can afford higher rents without financial strain.
Section 8 vouchers are likely to be less common in this ZIP code due to the lower proportion of renters and the higher median income. Landlords should expect tenants who are financially stable and capable of paying market rates, possibly supplemented by vouchers when necessary. However, the competition for tenants using Section 8 vouchers may be lower compared to areas with a higher percentage of renters and lower median incomes.
To conclude, ZIP 05489 is better suited for landlords looking to attract tenants who can pay market rates, rather than those relying heavily on Section 8 vouchers. The presence of vouchers in this area will be limited, reflecting the broader economic conditions and housing preferences of the local population.
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.