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 | $2,260 |
| 1 Bedroom | $2,360 |
| 2 Bedrooms | $2,610 |
| 3 Bedrooms | $3,330 |
| 4 Bedrooms | $3,920 |
| 5 Bedrooms | $4,547 |
| 6 Bedrooms | $5,093 |
| 7 Bedrooms | $5,500 |
| 8 Bedrooms | $5,775 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,360 | $253,065 | 0.93% | C |
| 2BR | $2,610 | $457,268 | 0.57% | F |
| 3BR | $3,330 | $818,693 | 0.41% | F |
| 4BR | $3,920 | $1,151,661 | 0.34% | F |
| 5BR | $4,547 | $1,630,035 | 0.28% | F |
U.S. Census Bureau data (2024)
The ZIP code 22043 in Falls Church, VA, is characterized by a relatively small but affluent population of 25,750 residents. With 38.6% of the households being renters, it indicates a significant portion of the community relies on rental properties. The median household income in this area is a robust $145,881, reflecting the high earning potential of its inhabitants. The median home value stands at $939,971, underscoring the overall wealth and property appreciation in the neighborhood.
Turning to the rent economics, the Fair Market Rent (FMR) for ZIP code 22043 in fiscal year 2024 is set at $2,250, which is notably lower than the market rent as measured by ZORI (Zillow Observed Rent Index), at $2,416. This suggests that there is a slight premium for market-rate rentals over those subsidized by Section 8 vouchers. For hands-off voucher operators, the gap between FMR and market rent could present challenges in finding willing landlords, as the subsidy may not cover the full market rate, potentially leading to lower returns on investment. However, for hands-on value-add buyers who can manage properties effectively and perhaps offer amenities or services that attract higher-paying tenants, the opportunity to capitalize on the difference between FMR and market rent is present.
In summary, ZIP 22043 offers a mix of economic opportunities and challenges for Section 8 investors. Its high median income and home values indicate a strong local economy, but the disparity between FMR and market rent means that careful consideration must be given to the type of investment strategy. A hands-on approach that focuses on value addition and effective tenant management is likely to yield better results in this neighborhood.
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.