Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,450 |
| 1 Bedroom | $2,560 |
| 2 Bedrooms | $2,830 |
| 3 Bedrooms | $3,610 |
| 4 Bedrooms | $4,250 |
| 5 Bedrooms | $4,930 |
| 6 Bedrooms | $5,522 |
| 7 Bedrooms | $5,964 |
| 8 Bedrooms | $6,262 |
U.S. Census Bureau data (2024)
The ZIP code 22180 in Vienna, VA, is situated in a suburban area characterized by its affluent demographic and high property values. With a total population of 26,568, the neighborhood is primarily composed of homeowners, as only 30.4% of residents are renters. The median household income in this area stands at an impressive $177,111, indicating a well-to-do community. This is further underscored by the median home value, which is a substantial $1,072,221. These figures suggest that the neighborhood is attractive to individuals and families seeking a high-quality living environment, likely with access to good schools, amenities, and a strong sense of community.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 22180 for fiscal year 2024 is set at $2,360. In contrast, the market rent, as measured by the Zillow Observed Rental Index (ZORI), is slightly higher at $2,505. This indicates that while there is a slight premium for market rents over the FMR, the gap is relatively narrow. For landlords and small-portfolio investors considering Section 8 properties in this area, the economics present a mixed picture. On one hand, the high median income and home values suggest a robust local economy capable of supporting rental demand. On the other hand, the narrow gap between FMR and market rent means that Section 8 tenants can afford to live in properties that are not significantly below market quality.
In conclusion, ZIP 22180 in Vienna, VA, is well-suited for both hands-off voucher operators and hands-on value-add buyers. The presence of a strong local economy and high median incomes ensures a steady demand for rentals, making it feasible for hands-off operators to maintain stable occupancy rates. Meanwhile, the opportunity to lease properties at a slight premium above FMR offers hands-on investors the chance to improve properties and still attract tenants through the Section 8 program. However, given the high median home value, any improvements made to properties should be carefully considered to ensure they align with the expectations of the local market. Overall, the neighborhood presents a balanced opportunity for Section 8 investment, blending stability with potential for value enhancement.
Data Sources: FMR data from HUD (2027). 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.