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 | $2,500 |
| 1 Bedroom | $2,610 |
| 2 Bedrooms | $2,890 |
| 3 Bedrooms | $3,680 |
| 4 Bedrooms | $4,340 |
| 5 Bedrooms | $5,034 |
| 6 Bedrooms | $5,638 |
| 7 Bedrooms | $6,089 |
| 8 Bedrooms | $6,393 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,610 | $298,491 | 0.87% | C |
| 2BR | $2,890 | $379,090 | 0.76% | D |
| 3BR | $3,680 | $736,645 | 0.5% | F |
| 4BR | $4,340 | $1,234,946 | 0.35% | F |
| 5BR | $5,034 | $1,723,704 | 0.29% | F |
U.S. Census Bureau data (2024)
ZIP code 22124, located in Oakton, VA, falls within the Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 22124 in fiscal year 2024 is set at $2,370. This figure is slightly above the average market rent of $2,331, indicating that it is positioned as a mid-tier neighborhood in terms of rental costs.
The median home value in ZIP 22124 is $1,090,118, which is notably higher than the typical home values found in most ZIP codes within the broader Washington-Arlington-Alexandria metro area. This suggests that 22124 is more aligned with premium sub-markets in the region, where property values are significantly elevated.
However, the renter share in ZIP 22124 stands at 12.2%. This percentage is relatively low compared to the average renter share in many other ZIP codes within the same metro area, which can vary widely but is generally higher in urban centers and lower in suburban areas like Oakton.
The combination of a slightly above-average FMR and a below-average renter share indicates that while there might be some opportunity for landlords participating in the Section 8 program, the overall market dynamics suggest that 22124 is more suited to premium sub-market conditions. The high home values and modest renter share imply that the majority of residents own their homes rather than renting, which could limit the pool of potential Section 8 tenants.
To determine if ZIP 22124 represents a value pocket or a more desirable location within the metro area, consider comparing these figures with those of surrounding ZIP codes and the metro-wide averages. A high renter share coupled with below-average home values often points to a Section 8 sweet spot, but in this case, the high home values do not support such an inference.
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.