Location: Burlington-South Burlington, VT | Metro: Burlington-South Burlington, VT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,600 |
| 1 Bedroom | $1,780 |
| 2 Bedrooms | $2,240 |
| 3 Bedrooms | $2,830 |
| 4 Bedrooms | $2,940 |
| 5 Bedrooms | $3,410 |
| 6 Bedrooms | $3,819 |
| 7 Bedrooms | $4,125 |
| 8 Bedrooms | $4,331 |
The ZIP code 05490 in Unknown, VT, lacks comprehensive demographic data, making it challenging to provide a detailed analysis. However, we can still draw some conclusions based on the available information.
With the median household income unspecified, it's difficult to gauge the economic status of residents. Nonetheless, it's crucial to understand how this affects the rental market dynamics. The Fair Market Rent (FMR) for ZIP 05490 is set at $1950 per month for FY 2024. This figure represents the maximum amount that a landlord can charge for a Section 8 voucher in this area.
To determine if ZIP 05490 is a renter-heavy area, we would typically look at the percentage of renters compared to homeowners. Unfortunately, the data indicates this percentage is also unknown. Despite this, it's important to consider that areas with higher percentages of renters often have a greater demand for housing assistance programs such as Section 8.
The absence of specific figures for market rent means we cannot accurately calculate what portion of local income is dedicated to rent. However, if we assume the median household income is below the FMR threshold, it suggests that a significant number of residents could be eligible for Section 8 vouchers. This would imply a strong potential for a tenant pool relying heavily on such assistance.
In ZIP 05490, landlords should anticipate tenants who require Section 8 vouchers due to the FMR being a critical benchmark for affordability. These tenants will likely have incomes that qualify them for federal housing subsidies, ensuring they can afford rent without exceeding a certain percentage of their earnings. Landlords must comply with all regulations associated with accepting Section 8 vouchers, including maintaining property standards and managing rent subsidies effectively.
While the exact nature of the tenant pool remains unclear due to missing data, the reliance on Section 8 vouchers suggests a population that may face financial constraints. Landlords should prepare for tenants who value stable, affordable housing and are committed to fulfilling their obligations under the voucher program.
Data Sources: FMR data from HUD (2027).
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.