Location: Essex County, VT | Metro: Caledonia County, VT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $990 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 05824 is set at $1,060 for metro fiscal year 2026. This figure represents the payment standard for landlords participating in the Section 8 Housing Choice Voucher program. It's important to note that this is not the amount tenants will pay; rather, it's the maximum subsidy amount that the government will provide to cover the difference between the tenant's portion and the total rent.
To put this into perspective, the average rent in ZIP 05824, based on Census American Community Survey data, is $1,103. This suggests that landlords can charge slightly above the FMR, but not significantly higher, without risking the inability to collect full rent from voucher holders.
Renters make up 13.0% of the housing market in this area, indicating a moderate demand for rental properties. While this percentage might seem low, it translates into a steady pool of potential tenants who could benefit from the Section 8 program, ensuring a reliable stream of income for landlords.
If you're looking to acquire a property in ZIP 05824, be aware that the median home value is around $255,778. This figure is crucial when evaluating the initial investment required for a Section 8 rental property. Remember, the goal is to balance the acquisition cost with the guaranteed rental income to ensure profitability.
Before proceeding with your first Section 8 rental property, it's essential to verify the property meets all the necessary requirements for the program. These include passing a housing quality standards (HQS) inspection and adhering to fair housing laws. Failure to meet these criteria could result in rejection from the program, which would affect your ability to participate and receive subsidies.
In summary, the FMR of $1,060 provides a benchmark for rental pricing in ZIP 05824, while the average rent of $1,103 offers a realistic expectation of what tenants can afford. With a 13.0% renter share, there's a consistent demand for rentals, and the median home value of $255,778 gives you an idea of the investment needed. Ensure your property meets all HQS standards to avoid any issues once you've decided to invest.
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.