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 | $2,680 |
| 1 Bedroom | $2,800 |
| 2 Bedrooms | $3,100 |
| 3 Bedrooms | $3,950 |
| 4 Bedrooms | $4,650 |
| 5 Bedrooms | $5,394 |
| 6 Bedrooms | $6,041 |
| 7 Bedrooms | $6,524 |
| 8 Bedrooms | $6,850 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,950 | $652,931 | 0.6% | D |
| 4BR | $4,650 | $742,625 | 0.63% | D |
| 5BR | $5,394 | $802,332 | 0.67% | D |
U.S. Census Bureau data (2024)
The ZIP code 22151 presents an interesting scenario for both renters and landlords. The median income in this area stands at $156,015, which is significantly higher than the national average. However, when considering the market rate for rent, which is set at $3,217 per month (ZORI), it becomes evident that even with a high median income, the cost of living remains a challenge. Renters must allocate a substantial portion of their earnings towards housing, making it a tight budget for many.
To put this into perspective, let's compare the market rate with the Federal Market Rate (FMR) for voucher payments, which is $2,630 per month for ZIP 22151 in fiscal year 2024. This indicates that voucher holders will have a more difficult time affording market-rate rents, creating a notable affordability gap. Given that only 13.0% of the 17,017 residents are renters, the competition for rental properties is likely to be fierce among those who can afford the higher market rates.
The affordability gap means that landlords in ZIP 22151 will face a choice between accepting Section 8 vouchers or focusing on cash-paying tenants. Accepting vouchers allows landlords to tap into a stable source of income, albeit at a lower rate compared to market rents. On the other hand, targeting cash-paying tenants could result in higher monthly rents but also requires navigating a competitive market where vacancies can lead to significant financial losses.
Takeaway: For landlords, the decision should hinge on the balance between stability and potential for higher revenue. While the voucher rate is lower at $2,630, it provides guaranteed and timely payments. Cash-paying tenants might offer $3,217, reflecting the local market conditions, but securing such tenants demands careful management to avoid prolonged vacancy periods. Landlords should consider the overall demand for rentals and the willingness of residents to pay market rates before deciding on their strategy.
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.