Location: Washington-Arlington-Alexandria, DC | Metro: St. Mary's County, MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,500 |
| 1 Bedroom | $1,660 |
| 2 Bedrooms | $1,820 |
| 3 Bedrooms | $2,310 |
| 4 Bedrooms | $2,790 |
| 5 Bedrooms | $3,236 |
| 6 Bedrooms | $3,624 |
| 7 Bedrooms | $3,914 |
| 8 Bedrooms | $4,110 |
U.S. Census Bureau data (2024)
The ZIP code 20622 stands out due to its unique demographic and economic characteristics. With a population of 5,185 residents, it has an unusually low rental rate of only 4.9%, indicating that the majority of residents own their homes. The median income in this area is relatively high at $124,063, and the median home value is substantial, sitting at $506,677. These figures suggest a community that is well-established and financially secure.
When it comes to Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 20622 in fiscal year 2024 is set at $1,460. This figure is slightly higher than the Census American Community Survey (ACS) estimate of the market rent, which is $1,447. This indicates that landlords participating in the Section 8 program can expect a modest premium over the standard market rates, although the difference is minimal.
The data signature for ZIP 20622 reads as stable. The low percentage of renters combined with a high median income and home values suggests that the housing market here is unlikely to undergo significant changes in the near future. Landlords and small-portfolio investors should consider these factors when deciding whether to accept Section 8 tenants in their properties. While the financial benefits are not overwhelming, the stability of the area might provide a secure and consistent source of rental income.
Data Sources: FMR data from HUD (2027). 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.