What HUD offices serve 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 Potomac.
How many renters live in Potomac, Maryland?
The City of Potomac has 46,499 people living in 16,328 households.
There are 5,956 renters living in 2,415 renter households in this City. Renters make up 12.81 percent of the population living in Potomac.
What is the rental market like in Potomac, Maryland?
There are an estimated 16,860 housing units in the Potomac area. Of these, 2,445 units are rental homes, making up 15 percent of the housing market. For every renter household in Potomac, Maryland, there are 1 rental units.
What is the vacancy rate for rentals in Potomac?
The rental vacancy rate in Potomac is 0 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Potomac for each bedroom size?
Occupied Rental Units by Size in Potomac
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 130 | 433 | 760 | 494 | 332 |
Occupied Rental Units by Size in Potomac
A large number of apartments in 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 Potomac are overburdened by housing costs?
Among renter households in this market, 36 percent have housing cost burden. Further, 12 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 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 Potomac, Maryland
How many units are rented at Fair Market Rent (FMR) in 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 |
| Studio | 40 | 31 percent |
| One BR | 266 | 61 percent |
| Two BR | 148 | 19 percent |
Rental Units Below FMR in Potomac, Maryland
How many affordable rental units are in Potomac?
There are a variety of federal affordable housing programs serving households in Potomac, Maryland including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 259 |
| Section 8 Project-Based Rental Assistance | 304 |
Tracked Units by Federal Program in Potomac, Maryland
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Potomac, Maryland
Potomac features 79 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 Potomac, Maryland
There are 190 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Potomac.
Housing Choice Vouchers in Potomac, Maryland
On average, Section 8 Housing Choice vouchers pay Potomac landlords $1,300 per month towards rent. The average voucher holder contributes $600 towards rent in Potomac.
The maximum amount a voucher would pay on behalf of a low-income tenant in Potomac, Maryland for a two-bedroom apartment is between $1,841 and $2,250.
Sourced from federal housing data and AffordableHousingOnline.com research.
