Section 8 Fair Market Rent (FMR) for ZIP 20398 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 20398 encompasses a part of the Washington Navy Yard neighborhood in Washington, D.C. The area has a population density of 17,689 people per square mile, reflecting its urban character. A significant portion of residents are renters, though the exact percentage was not provided in the data. The median household income in the area is $78,848, indicating a middle to upper-middle class demographic. The median home value stands at $495,300, suggesting that homeownership is relatively expensive.

Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP code 20398 in fiscal year 2024 is set at $1,980. This figure is crucial for Section 8 landlords and small-portfolio investors as it represents the maximum allowable rent for subsidized units. However, the specific market rent was not provided in the data, making it difficult to compare the FMR with local rental rates directly.

In terms of investment strategy, the hands-off voucher operator might find the area suitable due to the established Section 8 program and the high median income, which could imply a stable tenant pool. On the other hand, the hands-on value-add buyer should consider the higher median home values and potentially higher renovation costs. The neighborhood's urban setting and proximity to military facilities could also influence demand and suitability for different types of investments.

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.