Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,080 |
| 1 Bedroom | $2,170 |
| 2 Bedrooms | $2,400 |
| 3 Bedrooms | $3,060 |
| 4 Bedrooms | $3,600 |
| 5 Bedrooms | $4,176 |
| 6 Bedrooms | $4,677 |
| 7 Bedrooms | $5,051 |
| 8 Bedrooms | $5,304 |
The Fair Market Rent (FMR) for ZIP code 20220 in fiscal year 2024 is set at $1980. This figure represents the payment standard for Section 8 housing vouchers, meaning that if you participate in the program, this is the maximum amount the government will pay on behalf of a tenant. However, it's important to note that this does not dictate the actual rent you can charge; it merely caps the subsidy.
In ZIP 20220, the local market rent is currently unavailable, which makes comparing the FMR to typical rents challenging. Nevertheless, the FMR serves as a benchmark for understanding the subsidy levels. Given the lack of specific local rent data, we must rely on the FMR to gauge the potential income from a Section 8 rental property.
The percentage of renters in the area is also not available, but this metric typically helps understand the demand for rental properties. Without it, consider other factors such as job availability and population growth to assess the likelihood of finding tenants.
Regarding acquisition costs, there is no specific data available for ZIP 20220. However, the FMR can give you an idea of the property value range that would be eligible under the Section 8 program. Generally, properties should be priced reasonably to ensure they are within the subsidy limits and attractive to potential tenants.
Before deciding to enter the Section 8 program with your first rental property in ZIP 20220, verify that your property meets all the required quality standards, known as Housing Quality Standards (HQS). These standards ensure the safety and habitability of the unit and are essential for approval and maintaining tenancy.
To summarize, while specific local rent and renter share data is unavailable for ZIP 20220, the FMR of $1980 provides a crucial guideline for subsidy amounts. Ensure your property complies with HQS to avoid unnecessary complications and to secure steady income through 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.