Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,960 |
| 1 Bedroom | $2,040 |
| 2 Bedrooms | $2,260 |
| 3 Bedrooms | $2,880 |
| 4 Bedrooms | $3,390 |
| 5 Bedrooms | $3,932 |
| 6 Bedrooms | $4,404 |
| 7 Bedrooms | $4,756 |
| 8 Bedrooms | $4,994 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,260 | $337,012 | 0.67% | D |
| 3BR | $2,880 | $362,693 | 0.79% | D |
| 4BR | $3,390 | $431,158 | 0.79% | D |
| 5BR | $3,932 | $506,626 | 0.78% | D |
U.S. Census Bureau data (2024)
The ZIP code 20602 in Waldorf, MD, stands out within Charles County due to its distinct demographic and economic characteristics. With a population of 28,331 residents, 33.0% of whom rent their homes, it reflects a community where a significant portion of the populace is looking for affordable housing options. The median income here is $107,360, indicating a middle-class area that is neither excessively wealthy nor impoverished. However, the median home value at $389,759 suggests a relatively high cost of homeownership compared to other parts of the county.
When it comes to Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 20602 is set at $1,930 for the fiscal year 2024. This figure is notably lower than the Zillow Observed Rent Index (ZORI), which stands at $2,547. This gap between the FMR and the actual market rent means that landlords who accept Section 8 vouchers in this area will likely face challenges in covering their costs, especially if they aim to maintain properties at market standards. The difference of $617 per month could impact the willingness of landlords to participate in the program, particularly those managing small portfolios who may not have the financial flexibility to absorb such losses.
Evaluating the overall data signature of ZIP 20602, it appears stable rather than transitional. The median income and home values indicate a settled community with a mix of renters and homeowners. While the disparity between FMR and market rents poses a challenge for voucher holders and landlords alike, the basic demographics suggest a steady environment with little sign of rapid change. For small-portfolio investors, the decision to accept Section 8 vouchers should be carefully weighed against the potential financial impact and the stability of the local rental market.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
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.