Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,040 |
| 1 Bedroom | $2,120 |
| 2 Bedrooms | $2,350 |
| 3 Bedrooms | $2,990 |
| 4 Bedrooms | $3,530 |
| 5 Bedrooms | $4,095 |
| 6 Bedrooms | $4,586 |
| 7 Bedrooms | $4,953 |
| 8 Bedrooms | $5,201 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,350 | $508,870 | 0.46% | F |
| 3BR | $2,990 | $589,204 | 0.51% | F |
| 4BR | $3,530 | $783,957 | 0.45% | F |
| 5BR | $4,095 | $931,938 | 0.44% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 20187 in Warrenton, VA, reveals several key points for potential real estate investors focusing on the Section 8 housing voucher program. The Fair Market Rent (FMR) set at $2450 for the fiscal year 2024 does not align well with the current market rent of $1,895 as reported by the Census ACS. This discrepancy suggests that landlords might find it challenging to cover their costs through the Section 8 program alone, as the difference between the two figures could be significant.
Regarding property acquisition, the median home value in the area stands at $737,529. With an average of only 10 days on the market before sale and a very low 0.2% share of homes experiencing price cuts, the market appears to favor sellers. However, the high median home value makes acquisition less affordable for small-portfolio investors looking to enter the market with limited capital.
Tenant demand is another critical factor. The population of ZIP 20187 is 18,980, with 8.2% of residents being renters. This indicates a relatively small pool of potential tenants, which could make finding qualified Section 8 participants more difficult. Given the smaller renter share, competition among landlords for these vouchers may be intense.
In conclusion, while the real estate market in Warrenton, VA, shows signs of strength with quick sales and minimal price adjustments, the mismatch between the FMR and actual market rents poses a challenge for landlords seeking to break even. Additionally, the high median home value and the limited number of renters suggest that acquiring properties and securing tenants through the Section 8 program may be financially unfeasible for many small-portfolio investors. These factors collectively indicate that ZIP 20187 may not be a favorable investment destination for those relying solely on Section 8 vouchers to manage rental properties.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
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.