Section 8 Fair Market Rent (FMR) for ZIP 24037 - 2027

FY 2027 Fair Market Rent Rates

1040 is the Fair Market Rent (FMR) for ZIP code 24037 in fiscal year 2024, according to HUD standards. This figure represents the maximum amount a landlord can charge for a unit under the Section 8 program. Despite the lack of specific market rent data, the FMR provides a benchmark for rental pricing in the area. The absence of median home value data suggests that the housing market in ZIP 24037 may be less active or dominated by rentals rather than sales. With no reported percentage of renters, it's unclear what portion of the population relies on rental properties. However, the focus on Section 8 indicates that there is a significant need for affordable housing. The median income data being unavailable means we cannot directly compare the affordability of the $1040 FMR to the average resident's earnings, though it's safe to assume that many residents would find this rate attractive due to the program's nature. The day DOM (Days on Market) data also being absent implies that either the real estate market is stable or listings move quickly once they come up, without much idle time. Similarly, the lack of information on the percentage of price-cut share suggests that landlords and property managers in this area might not frequently reduce their asking rents, indicating a possibly steady demand for units at their listed rates. Given the $1040 FMR, landlords should ensure their properties meet the necessary quality standards to qualify for the Section 8 program. In conclusion, the presence of the Section 8 program in ZIP 24037, with its defined FMR, offers a reliable source of rental income for landlords willing to participate.

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.