Section 8 Fair Market Rent (FMR) for ZIP 20153 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 20153, located in Washington D.C., is part of a vibrant and dynamic urban landscape that offers unique opportunities for real estate investors. This area is known for its blend of residential and commercial properties, making it a desirable location for both tenants and property owners.

• The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 20153 for fiscal year 2024 is set at $2240. This figure provides a benchmark for rental pricing and reflects the average rent charged for privately owned, decent-quality rental housing.
• The median home value in the area is currently listed as N/A, indicating a lack of comprehensive data on home values, which could be due to the high proportion of renters in the area.
• The percentage of residents who are renters is also marked as N/A, suggesting that detailed statistics on the housing market composition are not readily available. However, given the urban setting, it is reasonable to infer a significant portion of the population rents rather than owns.
• The Days on Market (DOM) for properties in this ZIP code is listed as N/A, which means there is no specific data on how long properties typically stay on the market before being rented out. This could indicate a strong demand for rental properties or a lack of transactional data.
• The median household income for ZIP 20153 is noted as N/A, meaning that accurate income data is not available. This absence can affect the ability to predict tenant affordability and overall economic stability.

Given the available data, investors should focus on the robust rental market indicated by the established FMR, while acknowledging the gaps in information regarding median home values, renter share, DOM, and median income. These uncertainties underscore the importance of conducting thorough local research and engaging with local real estate agents to understand the nuances of the market in ZIP 20153. Despite the limitations in data, the potential for steady rental income based on the FMR suggests that this area remains a viable option for those looking to invest in the D.C. real estate market.

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.