Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,450 |
| 1 Bedroom | $1,530 |
| 2 Bedrooms | $1,760 |
| 3 Bedrooms | $2,210 |
| 4 Bedrooms | $2,560 |
| 5 Bedrooms | $2,970 |
| 6 Bedrooms | $3,326 |
| 7 Bedrooms | $3,592 |
| 8 Bedrooms | $3,772 |
U.S. Census Bureau data (2024)
In ZIP code 21762, the economics of Section 8 housing are straightforward when compared to the local rental market. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code is set at $1480 for the fiscal year 2024. This figure is crucial as it directly influences the amount that landlords can expect to receive from the government through the Housing Choice Voucher program, commonly known as Section 8.
The SAFMR represents the maximum amount that the government will pay towards the rent for a two-bedroom unit. However, this does not mean that the landlord will receive the full $1480 from the government. Instead, the voucher pays the difference between the tenant's contribution and the total rent. The tenant is typically required to pay 30% of their adjusted income towards rent, which can vary widely depending on their earnings. For example, if a tenant earns $20,000 annually, they would contribute approximately $500 monthly towards rent, leaving the government to cover the remaining $980 out of the $1480 SAFMR.
Utility allowances are also factored into the overall compensation package. These allowances are designed to help cover the cost of utilities such as electricity, gas, water, and sewage. In ZIP 21762, the utility allowance for a two-bedroom apartment is included in the $1480 figure. Landlords should note that these allowances are standard and do not adjust based on individual utility bills.
To summarize, in ZIP 21762, a landlord renting a two-bedroom apartment under the Section 8 program can expect the government to cover up to $1480 of the rent. The actual reimbursement will be less if the tenant's portion exceeds the difference between their contribution and the SAFMR. Given the SAFMR and the typical tenant contribution, landlords might face a reimbursement gap where the total rent exceeds the SAFMR, or a surplus where the total rent is below the SAFMR.
In ZIP 21762, with the SAFMR at $1480, landlords should be prepared for a reimbursement gap if they charge above this rate. Conversely, if the market rent is below $1480, landlords could see a surplus, meaning they receive more than the typical market rent. Since the local market rent data is currently unavailable, landlords must rely on the SAFMR as the benchmark for their rental pricing strategy.
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.