Location: Westmoreland County, VA | Metro: Northumberland County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP 22435 in fiscal year 2026 is set at $1,250. This figure must be considered in light of the typical mortgage payment on a $240,756 home. According to recent real estate guides, the median home value in ZIP 22435 is around $202,200, lower than the hypothetical home value mentioned. Assuming a 20% down payment and a 30-year fixed-rate mortgage at an average rate, the monthly mortgage payment on a $240,756 home would likely exceed $1,250. However, the actual mortgage amount can vary widely depending on the interest rate and down payment size.
A skeptical investor might question whether the 13.7% rental occupancy rate indicates sufficient demand. While 13.7% seems low, it is important to note that ZIP 22435 is primarily rural, and rental demand may be more stable than in urban areas. The data does not provide a direct comparison to other similar rural areas, but it suggests that while competition for rentals may exist, it is not necessarily indicative of a saturated market.
The concern about whether housing vouchers will keep up with market rents of $722 is valid. The FMR of $1,250 is higher than the market rent, which could imply that vouchers are covering a larger portion of the rent. However, the specific voucher amounts and their adequacy relative to market conditions are not detailed in the provided data. It is advisable to consult local housing authorities for precise figures and trends regarding voucher allocation and adjustments.
To summarize, while the FMR of $1,250 may not fully cover the mortgage on a $240,756 home, the rental occupancy rate of 13.7% does not necessarily indicate low demand given the rural context. Vouchers appear to be a significant factor in the rental market, but their long-term sustainability relative to increasing market rents remains uncertain without further localized 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.