Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,650 |
| 1 Bedroom | $1,720 |
| 2 Bedrooms | $1,900 |
| 3 Bedrooms | $2,420 |
| 4 Bedrooms | $2,850 |
| 5 Bedrooms | $3,306 |
| 6 Bedrooms | $3,703 |
| 7 Bedrooms | $3,999 |
| 8 Bedrooms | $4,199 |
ZIP code 20188, located in Unknown, DC, falls within the broader Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 20188 is set at $1590 for fiscal year 2024. This figure is crucial for landlords and small-portfolio investors as it indicates the maximum rental amount eligible for Section 8 vouchers.
Despite the lack of specific market rent and home value data for ZIP 20188, we can infer its position relative to other ZIP codes within the same metro area based on the FMR. In the Washington-Arlington-Alexandria metro, FMRs typically range higher, reflecting the overall expensive nature of the housing market in this region. Given that the FMR for 20188 is $1590, this suggests that it could be a value pocket within the larger metro area, offering lower rents compared to surrounding areas where FMRs might exceed this amount.
The absence of data regarding market rent and home values makes it challenging to provide a comprehensive comparison. However, if we assume that the FMR is indicative of the general rental market conditions, then ZIP 20188 appears to offer more affordable options for renters, which could be attractive to those utilizing Section 8 vouchers.
The unknown percentage of renter share also hinders a complete analysis but is worth noting. A high proportion of renters in an area with lower-than-average home values often points to a favorable environment for Section 8 properties. While we cannot confirm this for ZIP 20188 due to missing data, it's a consideration for landlords looking to maximize their portfolio's efficiency within the constraints of the Section 8 program.
To conclude, based on the available data, ZIP 20188 seems to represent a value pocket within the Washington-Arlington-Alexandria metro, offering lower rents that align well with the Section 8 voucher limits. This could present opportunities for landlords who are willing to navigate the complexities of the program to serve a segment of the market that is underserved by traditional rentals.
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.