Section 8 Fair Market Rent (FMR) for ZIP 20372 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 20372, located in Washington D.C., is a region characterized by its proximity to federal government facilities and its residential nature. The area offers a mix of single-family homes and multi-unit buildings, catering to both long-term residents and those working in nearby government offices.

• The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 20372 for fiscal year 2024 is set at $1980. This figure is established by the U.S. Department of Housing and Urban Development (HUD) and reflects the average rent that HUD would pay for a rental unit under the Section 8 program.
• The market rent for the area is currently unavailable (N/A). This indicates that there is limited recent data on what tenants are actually paying in the private rental market, which could be due to a lack of activity or reporting.
• The median home value in ZIP 20372 is also N/A. This suggests that the area may have a high proportion of renters rather than homeowners, which is common in urban areas close to major employment centers.
• Renter share is N/A, implying that there is insufficient data to determine the percentage of households that are renting versus owning their homes. However, given the context of being near federal offices, it's likely that a significant portion of residents are renters.
• The Days on Market (DOM) for properties in this area is N/A. This metric typically indicates how quickly properties are selling, but the lack of data here means we cannot assess the speed of sales or turnover rates.
• The median household income in ZIP 20372 is N/A. Without this figure, it's challenging to gauge the financial capacity of potential tenants or buyers in the area.

In summary, while the Fair Market Rent provides a solid benchmark for the rental market in ZIP 20372, the lack of specific data on market rents, median home values, renter share, days on market, and median income makes it difficult to fully evaluate the investment landscape. Landlords and small-portfolio investors should focus on properties that can command the FMR and consider the strong likelihood of a robust tenant base given the area's characteristics. Due diligence is advised to fill in the gaps left by missing data points.

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.