Section 8 Fair Market Rent (FMR) for ZIP 22015 - 2027

Investment Score for ZIP 22015

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	$2,660
1 Bedroom	$2,780
2 Bedrooms	$3,070
3 Bedrooms	$3,910
4 Bedrooms	$4,610
5 Bedrooms	$5,348
6 Bedrooms	$5,990
7 Bedrooms	$6,469
8 Bedrooms	$6,792

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
1BR	$2,780	$309,344	0.9%	C
2BR	$3,070	$378,345	0.81%	C
3BR	$3,910	$588,446	0.66%	D
4BR	$4,610	$881,439	0.52%	F
5BR	$5,348	$955,613	0.56%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 22015 (Burke, DC) #### Section 8 Voucher Dynamics In ZIP code 22015, the Fair Market Rent (FMR) for a two-bedroom unit is set at $2,820 per month according to HUD’s 2026 figures. However, the actual rental market dynamics suggest that the FMR is significantly lower than the typical rent charged in this area. For instance, the Zillow median price for a two-bedroom home is $376,419, which translates to a monthly rent of approximately $2,820 based on a 5% annual rental yield. This indicates that the actual market rent for a two-bedroom unit could be much higher, potentially around $3,137 per month when considering a 4.5% yield. The disparity between the FMR and the actual market rent is evident from the price-to-FMR ratio of 11.1x, meaning that the median home value is over eleven times the FMR for a two-bedroom unit. This makes it challenging for Section 8 voucher holders to find housing within their budget, as they can only afford units up to the FMR limit. #### Affordability & Renter Profile ZIP code 22015 has a relatively high median household income of $172,563, which suggests that most residents have the financial means to afford market-rate housing. Only about 15.0% of the population are renters, indicating that the majority of residents own their homes. The occupancy rate of 97.6% implies that there is a strong demand for housing in the area, but the tight market conditions make it difficult for low-income renters to find affordable options. Given that the FMR for a two-bedroom unit represents only 19.6% of the median income, it is clear that the local rental market is highly competitive and favoring higher-income individuals. This tight market condition means that there is little to no oversupply of rental units, and landlords have the upper hand in setting rent prices. #### Investor Angle From an investor perspective, the ZIP code 22015 presents a mixed scenario. While the median home values are high, the FMRs are relatively low compared to the actual market rents. To determine if this ZIP code is cash-flow positive at FMR, we need to consider the potential rental income versus the cost of acquiring and maintaining properties. If an investor purchases a two-bedroom property at the median price of $376,419 and aims to achieve a 4.5% annual rental yield, the expected monthly rent would be $1,486. However, since the FMR for a two-bedroom unit is $2,820, the actual rental income would likely exceed this amount. Therefore, an investor who can secure a tenant through the Section 8 program would still generate positive cash flow, albeit at a lower rate than the market would allow. The investment grade for this ZIP code would be considered moderate to high due to the strong demand for housing and the relatively high median income levels. However, the challenge lies in finding properties that are both affordable for Section 8 voucher holders and profitable for investors. Given the high median home values and the tight rental market, the risk of vacancy is low, but the competition for tenants is high. #### Specific Actionable Insights 1. **Target Lower-Rent Units**: Investors should focus on securing properties that are priced closer to the FMR levels. For example, a two-bedroom unit priced at $2,820 per month would be ideal for attracting Section 8 voucher holders. This would ensure compliance with HUD guidelines and maximize the chances of occupancy. 2. **Consider Smaller Units**: Since the FMR for a one-bedroom unit is $2,530, investing in smaller units could provide better cash flow opportunities. One-bedroom units are often easier to rent out in a tight market, and the lower FMR threshold might make them more attractive to voucher holders. 3. **Explore Multi-Family Properties**: Multi-family properties can offer economies of scale and diversify the risk associated with relying solely on single-family homes. A three-bedroom unit with an FMR of $3,560 could be rented out to families who qualify for larger vouchers, providing a more stable source of income. #### Bottom Line Given the high median home values and the tight rental market, ZIP code 22015 offers a moderate investment opportunity for Section 8-focused investors. The key is to target properties that align closely with the FMR thresholds to ensure compliance and occupancy. However, due to the significant gap between FMR and market rates, investors must carefully evaluate the potential for positive cash flow and the likelihood of attracting voucher holders. Based on these factors, the recommendation for this ZIP code is to **Hold**. Investors should proceed with caution and focus on properties that meet the FMR criteria while also offering reasonable returns. --- This analysis is based strictly on the provided data and does not include any additional research or assumptions beyond the given facts.

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.