Section 8 Fair Market Rent (FMR) for ZIP 20194 - 2027

Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area

Investment Score for ZIP 20194

Monthly Rent (2BR)

$2,840

Median Price (2BR)

$469,021

1% Rule

0.61%

Annual Yield

7.27%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,460
1 Bedroom	$2,570
2 Bedrooms	$2,840
3 Bedrooms	$3,620
4 Bedrooms	$4,260
5 Bedrooms	$4,942
6 Bedrooms	$5,535
7 Bedrooms	$5,978
8 Bedrooms	$6,277

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,840	$469,021	0.61%	D
3BR	$3,620	$726,695	0.5%	F
4BR	$4,260	$1,122,016	0.38%	F
5BR	$4,942	$1,373,007	0.36%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

12,275

Median Household Income

$170,988

Housing Units

5,818

Renter Percentage

28.6%

Occupancy Rate

98.1%

Renter Occupied

1,630

Reston, VA, represented by ZIP code 20194, is a suburban area known for its high-tech industry presence and proximity to Washington D.C., making it a desirable location for both homeowners and renters. The area benefits from a robust local economy, reflected in the high median income levels and rental demand.

The Fair Market Rent (FMR) for ZIP 20194 is set at $2,330 for fiscal year 2024, indicating the government's benchmark for affordable housing in the region.
The market rent, as measured by the Zillow Observed Rent Index (ZORI), stands at $2,428, suggesting that the actual rents charged are slightly above the FMR, aligning with the strong rental demand.
The median home value in Reston is $778,955, reflecting the overall cost of living and property values in this affluent area.
Renters make up 28.6% of the housing market in 20194, highlighting a significant portion of the population who prefer renting over buying.
The days on market (DOM) for rental properties is 5 days, indicating a highly competitive rental market where units are quickly filled.
The median household income in Reston is $170,988, which supports the ability of residents to afford higher rental rates and property taxes.

Investors looking to enter the Reston real estate market should be prepared for a highly competitive rental environment with strong demand. The slight premium of market rents over FMR suggests that there is room for profit in the rental sector, especially for those who can offer well-maintained, modern properties. The low DOM also implies that vacant units will not remain so for long, ensuring steady cash flow. However, the high median home value indicates that property acquisition costs will be substantial, necessitating careful consideration of investment strategies to maximize returns.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.