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 | $2,120 |
| 1 Bedroom | $2,210 |
| 2 Bedrooms | $2,450 |
| 3 Bedrooms | $3,120 |
| 4 Bedrooms | $3,680 |
| 5 Bedrooms | $4,269 |
| 6 Bedrooms | $4,781 |
| 7 Bedrooms | $5,163 |
| 8 Bedrooms | $5,421 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,210 | $222,238 | 0.99% | C |
| 2BR | $2,450 | $380,896 | 0.64% | D |
| 3BR | $3,120 | $658,384 | 0.47% | F |
| 4BR | $3,680 | $806,236 | 0.46% | F |
| 5BR | $4,269 | $949,724 | 0.45% | F |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $2,100 for ZIP 22312 (Lincolnia, VA) can cover the mortgage on a home valued at $639,324. While the median home value does not directly translate into monthly mortgage costs, it's important to consider the typical mortgage scenario. Assuming a 20% down payment and a 30-year fixed-rate mortgage at an average interest rate of 4%, the monthly mortgage payment on a $639,324 home would be approximately $2,650. This means the FMR would fall short by about $550. However, investors should also factor in potential tax benefits and appreciation rates.
The second objection could be regarding the rental demand at 47.9%. According to recent data, the rental vacancy rate in ZIP 22312 is relatively stable, suggesting a healthy demand for rental properties. The average market rent for apartments in the area is around $1,000 per bedroom, which indicates a diverse rental market catering to different needs and budgets. Despite the 47.9% figure, the overall demand remains robust, supported by the consistent number of units available for rent and the variety of rental options.
Lastly, an investor might wonder if housing vouchers will keep pace with market rents of $2,080. While the Housing Choice Voucher (HCV) program is designed to help low-income families afford decent housing, the specific data for ZIP 22312 is not readily available. Generally, voucher amounts are adjusted annually based on the area median income (AMI) and other factors. However, given the median market rent, it is likely that voucher amounts may not fully cover the $2,080 market rent, leaving landlords to absorb some of the difference or requiring tenants to contribute additional funds. This gap underscores the importance of understanding local subsidy policies and tenant eligibility criteria.
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.