Location: Essex County, VA | Metro: King and Queen County, VA 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 | $990 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,400 | $324,610 | 0.43% | F |
U.S. Census Bureau data (2024)
To determine if a landlord should invest in ZIP code 22437 for Section 8 properties, follow this decision tree:
Step 1: Does the Fair Market Rent (FMR) of $1090 cover the debt service on a property valued at $299,327?
If the monthly debt service on a $299,327 property is less than $1090, then the answer is Yes. This means that the landlord can expect to cover their mortgage payments with the Section 8 rental subsidy.
If the monthly debt service exceeds $1090, the answer is No. The landlord would not be able to fully cover their mortgage payments with the available Section 8 subsidy, leading to financial loss.
Step 2: Is the market rent above, at, or below the FMR of $1090?
The data indicates that the market rent is currently N/A, which suggests there's insufficient data to make an accurate comparison. Therefore, the answer is It Depends. Landlords will need to conduct further research to understand local rental trends and compare them against the FMR.
Step 3: Are the demographics and demand factors sufficient to support investment? Specifically, does the 31.0% share of renters combined with the N/A-day Days on Market (DOM) indicate enough demand?
The 31.0% share of renters in ZIP 22437 is a significant portion of the population, suggesting a notable demand for rental housing. However, since the DOM is listed as N/A, we lack critical information about how quickly properties are being rented out. Without this data, the answer remains It Depends.
If the DOM is low, indicating quick turnover of rental properties, the answer would shift to Yes, as there is strong evidence of demand. Conversely, if the DOM is high, it might suggest a slower rental market, making the answer No.
Note: For precise financial planning, landlords must calculate their specific debt service costs and consider other expenses such as maintenance, insurance, and property taxes. Additionally, conducting a thorough analysis of local rental trends and DOM can provide clearer insights into the viability of investing in ZIP 22437 for Section 8 properties.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.