Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,860 |
| 1 Bedroom | $1,940 |
| 2 Bedrooms | $2,150 |
| 3 Bedrooms | $2,740 |
| 4 Bedrooms | $3,230 |
| 5 Bedrooms | $3,747 |
| 6 Bedrooms | $4,197 |
| 7 Bedrooms | $4,533 |
| 8 Bedrooms | $4,760 |
The Fair Market Rent (FMR) for ZIP code 20768 in Washington, D.C., for fiscal year 2024 is set at $1780. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the rent that tenants will pay; it's the payment standard used by the housing authority to determine the subsidy level.
While the local median rent for ZIP 20768 is listed as N/A, the FMR of $1780 serves as a benchmark for landlords participating in Section 8. This means that if your property's rent exceeds this amount, you will need to cover the difference, which could affect your overall income from the rental.
The percentage of renters in the area who could be eligible for Section 8 assistance is also listed as N/A%. However, this does not necessarily mean there is no demand. In many urban areas, the demand for affordable housing remains high, even when specific statistics are unavailable. To gauge the actual demand, consider reaching out directly to the local housing authorities or checking their waitlists.
Regarding the acquisition cost of properties in ZIP 20768, the average price is listed as N/A. This lack of data makes it difficult to provide a precise comparison between the costs of buying versus renting. Nonetheless, the FMR can still guide you on setting a reasonable rent for a Section 8 tenant.
Before deciding to participate in the Section 8 program with a property in ZIP 20768, verify that your property meets all the necessary inspection criteria. The housing authority conducts thorough inspections to ensure the property is safe and meets minimum standards. Failure to meet these requirements can result in your property being ineligible for the program, regardless of the FMR.
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.