Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,040 |
| 1 Bedroom | $2,120 |
| 2 Bedrooms | $2,350 |
| 3 Bedrooms | $2,990 |
| 4 Bedrooms | $3,530 |
| 5 Bedrooms | $4,095 |
| 6 Bedrooms | $4,586 |
| 7 Bedrooms | $4,953 |
| 8 Bedrooms | $5,201 |
The ZIP code 22412 is located in Fredericksburg, VA, and represents a diverse urban neighborhood. The population here stands at 42,412 individuals, with a significant portion renting their homes. While specific percentages and median income figures are not available, the median household income is around $47,412. The median home value in this area is $205,009, indicating a moderate price point for homeownership.
Turning to the rental market, the Fair Market Rent (FMR) for ZIP 22412 as of fiscal year 2024 is set at $1,850. This figure serves as a benchmark for rental prices, helping to ensure affordability for low-income households. However, the exact market rent for the area is not specified, which would be important to understand the true rental dynamics.
For Section 8 investors, the choice between being a hands-off voucher operator or a hands-on value-add buyer depends on the specifics of the property and the goals of the investment. Given the median home value and the FMR, it appears that this area could support both types of investors. A hands-off approach might work well if the property is already in good condition and meets the basic requirements of the program. On the other hand, a hands-on strategy could be more profitable for those willing to invest in property improvements to attract higher-paying tenants or to increase the overall value of the asset.
To make an informed decision, it's crucial to analyze the individual property details and consider the broader economic trends in the area. For instance, understanding the local job market and the presence of stable employers can provide insights into the long-term viability of the investment.
Data Sources: FMR data from HUD (2027).
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.