Section 8 Fair Market Rent (FMR) for ZIP 22443 - 2027
Location: Westmoreland County, VA | Metro: King George County, VA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,120 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $1,990 |
| 4 Bedrooms | $2,370 |
| 5 Bedrooms | $2,749 |
| 6 Bedrooms | $3,079 |
| 7 Bedrooms | $3,325 |
| 8 Bedrooms | $3,491 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$64,810
To determine if a landlord should buy in ZIP 22443 (Colonial Beach, VA) for Section 8 purposes, follow these steps:
- Step 1: Does the Fair Market Rent (FMR) of $1,390 cover the debt service on a property priced at $319,519?
- Yes: If the landlord's debt service is less than or equal to $1,390 per month, then the FMR does cover the costs. This makes the ZIP code a viable option for Section 8 investment.
- No: If the debt service exceeds $1,390 per month, the landlord will not be able to rely solely on Section 8 tenants to cover their mortgage payments.
- Step 2: How does the market rent compare to the FMR?
- The Zillow Observed Rent Index (ZORI) indicates that the market rent is $1,958 per month.
- Above FMR: The market rent is higher than the FMR, which means landlords can potentially earn more from non-Section 8 tenants. However, this also implies a lower likelihood of finding Section 8 tenants willing to pay the ZORI.
- Step 3: Is there sufficient rental demand?
- The ZIP code has a 20.9% rental rate, indicating a moderate level of rental activity. Additionally, the Days on Market (DOM) is listed as N/A, which suggests either very low turnover or incomplete data.
- It Depends: With 20.9% of the population renting, there is some demand for rentals. However, the lack of DOM data makes it difficult to assess how quickly properties are rented out. If the DOM is typically short, this would indicate strong demand; otherwise, it could signal slower turnover rates.
In summary, ZIP 22443 (Colonial Beach, VA) is a potential area for Section 8 investments if the debt service is covered by the FMR. The market rent being higher than the FMR presents an opportunity for higher earnings but also poses challenges in attracting Section 8 tenants. Rental demand is moderate, but without accurate DOM data, the feasibility of finding tenants quickly remains uncertain.
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.