Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,410 |
| 1 Bedroom | $2,510 |
| 2 Bedrooms | $2,780 |
| 3 Bedrooms | $3,540 |
| 4 Bedrooms | $4,170 |
| 5 Bedrooms | $4,837 |
| 6 Bedrooms | $5,417 |
| 7 Bedrooms | $5,850 |
| 8 Bedrooms | $6,143 |
In evaluating the investment potential of ZIP 22210 in Washington, D.C., several key concerns arise regarding the feasibility of renting properties under the Section 8 program. Let's address these directly.
The FMR for ZIP 22210 in fiscal year 2024 is set at $2360. This figure represents the maximum amount that landlords can charge for a two-bedroom unit under the Section 8 Housing Choice Voucher program. However, without specific data on median home values or average mortgage payments in ZIP 22210, it's impossible to definitively state whether this will cover the mortgage. It's crucial for investors to compare this FMR against their individual mortgage obligations to determine if it's financially viable.
Data indicates that there is indeed a significant demand for rental properties in ZIP 22210, though the exact percentage of tenants willing to accept the FMR rate is not specified. The high demand for affordable housing in urban areas such as Washington, D.C., suggests that many tenants are likely to be interested in properties that meet the FMR criteria. Landlords should review local vacancy rates and tenant demographics to gauge the likelihood of finding suitable tenants at this price point.
The FMR of $2360 is designed to reflect the average market rent for a modest apartment in ZIP 22210. However, the actual market rents can fluctuate due to various factors including location, property condition, and amenities. While the voucher amounts aim to align with market conditions, they are typically adjusted annually based on HUD assessments. If market rents increase faster than the adjustments, landlords might find themselves receiving less than the current market value. Conversely, if market rents stabilize or decrease, the FMR could provide a steady, reliable income stream.
Investors must carefully consider these points when deciding whether ZIP 22210 is a suitable area for Section 8 investments. The data provides a snapshot but requires further analysis tailored to individual circumstances.
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.