Location: Westmoreland County, VA | Metro: Westmoreland County, VA
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 | $960 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,700 |
| 4 Bedrooms | $2,020 |
| 5 Bedrooms | $2,343 |
| 6 Bedrooms | $2,624 |
| 7 Bedrooms | $2,834 |
| 8 Bedrooms | $2,976 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,700 | $335,735 | 0.51% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 22469 stands at $58,500, which places significant constraints on household budgets when it comes to housing costs. The market rate for rent, according to Census ACS data, is $1,000 per month. This means that the average household would be spending approximately 20.4% of their gross annual income on rent alone. To put this into perspective, the general guideline suggests that no more than 30% of a household's income should go towards housing costs. Therefore, while technically affordable, the rent is still a substantial portion of the average income.
Comparatively, the Fair Market Rent (FMR) set by the federal government for ZIP 22469 in fiscal year 2026 is $1,160, higher than the current market rate. This discrepancy indicates that if landlords rely solely on market-rate rents, they might be undervaluing their properties based on government standards. However, the reality is that many households may find it difficult to meet even the lower market rate of $1,000 given their income levels.
The ZIP code has a population of 1,967, with 18.0% being renters. This relatively low percentage of renters implies a competitive market for landlords, as there may not be an abundance of potential tenants. In such a scenario, the affordability gap becomes critical. Landlords who are considering whether to accept Section 8 vouchers or focus on cash-paying tenants need to weigh the benefits of each approach carefully. Accepting vouchers can ensure a steady stream of rental income, albeit at a rate potentially below the FMR but still above the market rate. On the other hand, relying on cash-paying tenants could result in higher rent payments but also increased vacancy rates due to the financial strain on local households.
The takeaway for landlords is clear: the decision between voucher and cash-pay strategies should be informed by an understanding of the local affordability landscape. Given the median income and current market rate, accepting vouchers could be a prudent choice to secure tenancy and maintain a stable income flow. However, landlords should also explore ways to offer more affordable housing options or incentives to attract cash-paying tenants, thereby navigating the competitive rental environment effectively.
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.