Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,670 |
| 1 Bedroom | $1,740 |
| 2 Bedrooms | $1,930 |
| 3 Bedrooms | $2,460 |
| 4 Bedrooms | $2,900 |
| 5 Bedrooms | $3,364 |
| 6 Bedrooms | $3,768 |
| 7 Bedrooms | $4,069 |
| 8 Bedrooms | $4,272 |
The economics of Section 8 in ZIP code 22404, located in the Washington-Arlington-Alexandria County area, are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for FY 2024 is set at $1530. This figure is specific to this ZIP code, reflecting the localized rental market conditions.
A landlord participating in the Section 8 program receives a subsidy from the government to cover part of the rent. The voucher holder pays 30% of their adjusted income towards the rent, which varies based on individual circumstances. For instance, if a voucher holder's monthly adjusted income is $1500, they would pay $450 towards the rent. The remainder, up to the SAFMR limit, is covered by the housing authority. In this case, the housing authority would reimburse the landlord $1080, making the total rent received $1530.
Utility allowances are also factored into the equation. These allowances vary but generally provide additional funds to help cover electricity, water, and gas. As of the latest data, the utility allowance for a two-bedroom apartment in this area is not specified, indicating it could be part of the overall SAFMR calculation or handled separately.
To illustrate, consider a scenario where the utility allowance is $200. If the total rent including utilities is $1730 ($1530 rent + $200 utilities), the voucher holder would still pay $450, but now the housing authority would cover $1280, ensuring the landlord receives the full amount.
However, the local market rent for a two-bedroom apartment in ZIP 22404 is currently not available. This lack of information makes it difficult to accurately assess whether landlords will face a reimbursement gap or surplus. Nonetheless, if the market rent exceeds the SAFMR, landlords might find themselves receiving less than the market value, leading to a potential financial shortfall. Conversely, if the market rent is below the SAFMR, landlords could benefit from a surplus, receiving more than the typical market rate.
In summary, for a two-bedroom apartment in ZIP 22404, the SAFMR is $1530. Landlords should expect to receive this amount when a tenant uses a Section 8 voucher, assuming the tenant's share plus the housing authority's contribution does not exceed this limit. Utility allowances can add to the total reimbursement, but without specific local market rent data, the exact financial impact remains unclear.
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.