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 20530 in fiscal year 2024 is set at $1980. This figure represents the payment standard for Section 8 vouchers in your area, which means that if you decide to participate in the program, the government will pay up to $1980 per month towards a tenant's rent. However, it's important to note that this does not directly reflect the actual rent you can charge.
To understand the potential demand for Section 8 tenants in ZIP 20530, consider the local renter share, which is currently N/A%. While this percentage is not available, the FMR provides a benchmark for assessing the affordability of housing for low-income families. The lack of specific data on local rents and the renter share makes it difficult to gauge the exact demand, but the FMR suggests there is a segment of the population who could benefit from this type of assistance.
Regarding the acquisition cost of a property in ZIP 20530, the median home value is listed as N/A. This indicates the typical price range for homes in the area, though without specific numbers, it's challenging to provide a detailed analysis. Nevertheless, participating in the Section 8 program can be a strategic choice for landlords looking to stabilize cash flow and ensure consistent occupancy.
Before proceeding with a Section 8 rental, it's crucial to verify that your property meets the Housing Quality Standards (HQS). These standards ensure that the unit is safe, decent, and sanitary for tenants. Failure to meet these requirements can result in non-payment or termination from the program. Check with the local Public Housing Agency (PHA) for a comprehensive list of HQS criteria specific to ZIP 20530.
In summary, the FMR of $1980 for ZIP 20530 offers insight into the financial framework of the Section 8 program in your area. It's essential to balance this information with an understanding of the local market conditions and the specific needs of your property to make an informed decision.
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.