Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,140 |
| 1 Bedroom | $2,230 |
| 2 Bedrooms | $2,470 |
| 3 Bedrooms | $3,150 |
| 4 Bedrooms | $3,710 |
| 5 Bedrooms | $4,304 |
| 6 Bedrooms | $4,820 |
| 7 Bedrooms | $5,206 |
| 8 Bedrooms | $5,466 |
The ZIP code 20915, located in Washington D.C., presents unique challenges for both renters and landlords. The median income for households in this area is currently not available, making it difficult to assess the financial capacity of potential tenants. Similarly, the market rate for rent and the percentage of renters within the ZIP code are also unspecified, which complicates understanding the local rental dynamics.
However, we do have specific data on the federal payment standard for housing vouchers, which is set at $2100 for the fiscal year 2024. This figure serves as a benchmark for affordable housing in the area. Given the lack of detailed income data, landlords must consider that many residents might rely heavily on voucher programs to cover their rent, especially if the market rate exceeds the voucher payment standard.
The absence of precise population and market rate figures leaves a significant gap in understanding how easily residents can afford their homes. Without this information, it's challenging to gauge the level of competition among landlords for tenants who can pay market rates versus those who rely on vouchers. Nonetheless, the voucher payment standard indicates a baseline for affordability that is likely to be crucial for a portion of the ZIP's population.
Takeaway for Landlords: In ZIP 20915, focusing on accepting housing vouchers could be a strategic move given the reliance on government assistance for rent. While cash-paying tenants offer immediate higher returns, the stability and guaranteed payment through vouchers, at least up to $2100, provide a reliable income stream. Landlords should evaluate their properties against this standard to determine whether they can attract voucher recipients effectively, thereby ensuring occupancy and a steady cash flow.
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.