Section 8 Fair Market Rent (FMR) for ZIP 20472 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 20472 in Washington, D.C., for fiscal year 2024 is set at $1980. This figure represents the maximum amount that a landlord can receive through the Section 8 program for a unit in this area. It's important to note that this is not the rent you charge your tenant; it's the payment standard used by the Housing Choice Voucher Program.

While the average market rent in ZIP 20472 is listed as N/A, the FMR serves as a benchmark. If the average market rent is below $1980, then landlords participating in Section 8 may find the program beneficial, as they could potentially receive higher rent payments than the local average. However, if the average market rent exceeds the FMR, landlords might have to accept lower rent payments through the program.

The demand for rentals in this area, indicated by the N/A% share of renters, suggests that there is a significant portion of the population looking for affordable housing options. This percentage can help you gauge the potential interest in your property among those eligible for Section 8 assistance.

In terms of acquiring a property in ZIP 20472, the median home value is also listed as N/A. This information is crucial when deciding whether to purchase or lease a property for Section 8 tenants. It helps in understanding the typical investment required and whether the FMR covers a reasonable portion of the mortgage or leasing costs.

Before proceeding with your first Section 8 rental in ZIP 20472, ensure that your property meets the Housing Quality Standards (HQS). These standards are designed to ensure that units are safe and habitable. A thorough inspection and any necessary repairs must be completed to comply with HQS requirements.

Participating in the Section 8 program can provide steady income and reduce vacancy rates, but it requires adherence to certain guidelines and standards. With an FMR of $1980, you can expect a reliable source of income, though it will be determined by the actual rent negotiated between the voucher holder and the housing authority.

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.