What HUD offices serve North Potomac, Maryland?
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
Go to the Maryland Public Housing and Low-Income Apartments Waiting Lists page for openings near North Potomac.
How many renters live in North Potomac, Maryland?
The City of North Potomac has 24,692 people living in 8,272 households.
There are 4,242 renters living in 1,401 renter households in this City. Renters make up 17.18 percent of the population living in North Potomac.
What is the rental market like in North Potomac, Maryland?
There are an estimated 8,500 housing units in the North Potomac area. Of these, 1,537 units are rental homes, making up 18 percent of the housing market. For every renter household in North Potomac, Maryland, there are 1 rental units.
What is the vacancy rate for rentals in North Potomac?
The rental vacancy rate in North Potomac is 7 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in North Potomac for each bedroom size?
Occupied Rental Units by Size in North Potomac
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 299 | 424 | 314 | 241 |
Occupied Rental Units by Size in North Potomac
A large number of apartments in North Potomac have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in North Potomac are overburdened by housing costs?
Among renter households in this market, 40 percent have housing cost burden. Further, 21 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in North Potomac
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,772 to $3,015. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,772 |
| One BR | $1,803 |
| Two BR | $2,045 |
| Three BR | $2,544 |
| Four BR | $3,015 |
2024 Fair Market Rents in North Potomac, Maryland
How many units are rented at Fair Market Rent (FMR) in North Potomac?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| One BR | 27 | 9 percent |
| Two BR | 55 | 13 percent |
Rental Units Below FMR in North Potomac, Maryland
How many affordable rental units are in North Potomac?
There are a variety of federal affordable housing programs serving households in North Potomac, Maryland including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 187 |
Tracked Units by Federal Program in North Potomac, Maryland
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in North Potomac, Maryland
North Potomac features 140 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in North Potomac, Maryland
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in North Potomac.
Housing Choice Vouchers in North Potomac, Maryland
On average, Section 8 Housing Choice vouchers pay North Potomac landlords $1,300 per month towards rent. The average voucher holder contributes $400 towards rent in North Potomac.
The maximum amount a voucher would pay on behalf of a low-income tenant in North Potomac, Maryland for a two-bedroom apartment is between $1,841 and $2,250.
Sourced from federal housing data and AffordableHousingOnline.com research.
