Section 8 Fair Market Rent (FMR) for ZIP 06383 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 06383 in fiscal year 2024 is set at $1560. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It's important to note that this is not the amount you will receive as rent; it's the payment standard used to determine the maximum allowable rent for subsidized units.

While the local median rent for ZIP 06383 is listed as N/A, the fact that the FMR is established at $1560 suggests that there is a significant demand for affordable housing in the area. The percentage of renters who could benefit from Section 8 vouchers is also marked as N/A, but typically, a higher FMR indicates a larger number of potential tenants looking for affordable options.

Regarding the acquisition cost, which is also noted as N/A, landlords should consider the FMR as a guideline for pricing their rental units. If your property's rent is below $1560, it could attract tenants who qualify for the voucher program. However, if it exceeds this amount, you would need to cover the difference between the FMR and the actual rent, reducing your profit margin.

To proceed with confidence, verify that your property meets all the necessary quality standards set by the Department of Housing and Urban Development (HUD). These standards ensure that the rental unit is safe, decent, and sanitary, and failing to meet them could result in rejection from the Section 8 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.