Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,100 |
| 1 Bedroom | $2,200 |
| 2 Bedrooms | $2,430 |
| 3 Bedrooms | $3,100 |
| 4 Bedrooms | $3,650 |
| 5 Bedrooms | $4,234 |
| 6 Bedrooms | $4,742 |
| 7 Bedrooms | $5,121 |
| 8 Bedrooms | $5,377 |
The ZIP code 20182 in Washington D.C., while lacking in specific population and rental statistics, can still be profiled based on available data points. The absence of exact percentages for renters and homeowners makes it challenging to definitively classify whether it is a renter-heavy area or one dominated by homeowners. However, we can infer some characteristics by examining the median household income and comparing it to the Fair Market Rent (FMR).
The median household income for this area is not specified, which complicates the analysis. Nevertheless, the FMR for a one-bedroom apartment in ZIP 20182 for fiscal year 2024 is set at $2040. This figure serves as an important benchmark for understanding the rental market dynamics.
Without specific income figures, we cannot calculate the precise percentage of income that goes towards rent. However, it's crucial to understand that tenants participating in the Section 8 program typically spend around 30% of their income on rent, with the remainder paid by the government through housing vouchers. If the typical market rent in this area exceeds the FMR, landlords might find it difficult to attract Section 8 tenants unless they adjust their rents to align more closely with the voucher limits.
The kind of tenant profile a landlord should expect in ZIP 20182 would likely include individuals who benefit from the Section 8 housing choice voucher program. These tenants will have their rent subsidized, allowing them to afford housing in areas they otherwise might not be able to due to higher rents compared to their income levels. Landlords must be prepared to work with the Department of Housing and Urban Development (HUD) to ensure compliance with Section 8 regulations.
To make a more informed decision, landlords and small-portfolio investors should consider conducting a detailed market analysis or reaching out to local real estate agencies for the most accurate and up-to-date statistics on population, rental rates, and income levels. This will provide a clearer picture of the economic landscape and the potential demand for Section 8 vouchers in the area.
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.