Section 8 Fair Market Rent (FMR) for ZIP 22433 - 2027
Location: Orange County, VA | Metro: Orange County, VA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,360 |
| 1 Bedroom | $1,370 |
| 2 Bedrooms | $1,660 |
| 3 Bedrooms | $2,280 |
| 4 Bedrooms | $2,430 |
| 5 Bedrooms | $2,819 |
| 6 Bedrooms | $3,157 |
| 7 Bedrooms | $3,410 |
| 8 Bedrooms | $3,581 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$79,563
A skeptical investor might raise several concerns regarding ZIP 22433 (Burr Hill, VA) when considering it for a Section 8 investment.
- Objection: Will Fair Market Rent (FMR) of $1,510 (metro FY 2026) cover the mortgage on a home in ZIP 22433?
- Answer: According to recent real estate data, the median home value in ZIP 22433 is around $331,500. Assuming a typical mortgage rate of 4%, a homebuyer could expect a monthly mortgage payment of approximately $1,550 for a $331,500 home. However, this figure does not account for property taxes, insurance, and maintenance costs, which would increase the total monthly expense. Therefore, while the FMR is close to covering the mortgage, it might not be sufficient when considering all associated costs.
- Objection: Is there enough renter demand at 0.0%?
- Answer: The data provided indicates a 0.0% renter demand, which suggests that the market is currently saturated with homeownership. However, this does not necessarily mean there is no demand for rental properties. The median household income in ZIP 22433 is $72,471, indicating that some residents might still seek affordable rental options. Additionally, the lack of specific data on the percentage of renters in the area means we cannot definitively conclude that there is insufficient demand. Further investigation into the local rental market trends would provide a clearer picture.
- Objection: Will vouchers keep pace with market rents in ZIP 22433?
- Answer: The Housing Choice Voucher Program aims to assist over 2.3 million American families in finding affordable housing. However, the specific funding for ZIP 22433 is not detailed in the available data. While the program generally adjusts its payments to reflect changes in the cost of living, the actual amount paid can vary based on local conditions and the availability of funds. Without precise information on the local housing commission's budget and policies, it's challenging to predict whether vouchers will consistently cover market rents in ZIP 22433.
In summary, while the FMR is nearly sufficient to cover a mortgage on a median-priced home, additional costs must be considered. The lack of significant renter demand should not deter investors, given the potential for affordable rental opportunities. Lastly, the future alignment of vouchers with market rents remains uncertain without detailed local data.
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.