Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,840 |
| 1 Bedroom | $1,920 |
| 2 Bedrooms | $2,120 |
| 3 Bedrooms | $2,700 |
| 4 Bedrooms | $3,180 |
| 5 Bedrooms | $3,689 |
| 6 Bedrooms | $4,132 |
| 7 Bedrooms | $4,463 |
| 8 Bedrooms | $4,686 |
U.S. Census Bureau data (2024)
The ZIP code 20872, located in Damascus, Maryland, stands out within Montgomery County due to several key characteristics. With a population of 13,983 residents, it has a relatively low rental rate at 11.1%, indicating that most residents own their homes. The median income for households in this area is $141,050, which is notably higher than the national average, suggesting a prosperous community. Additionally, the median home value is $550,641, reflecting the high cost of living and property values typical of the region.
When considering the economics of Section 8 vouchers in ZIP 20872, the Fair Market Rent (FMR) for fiscal year 2024 is set at $1,710. This figure is slightly below the Census American Community Survey's reported market rent of $1,809. This discrepancy means that landlords accepting Section 8 vouchers in this area can expect to receive a rent subsidy that is marginally lower than the average market rent. However, the high median income suggests that tenants might have additional resources to cover the difference, making Section 8 properties still attractive to potential renters.
Evaluating the data signature of ZIP 20872, it reads as stable. The relatively high median income and home values indicate a well-established and financially secure community. The low percentage of renters also points towards a preference for homeownership, which typically correlates with a stable housing market. Despite the modest gap between the FMR and market rents, the overall economic indicators suggest a consistent environment where Section 8 participation remains viable but not necessarily the primary choice for landlords.
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.