Location: Lancaster County, VA | Metro: Lancaster 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 | $780 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,320 | $453,037 | 0.29% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 22480, set at $1,010 for metro fiscal year 2026, is a critical figure for landlords and small-portfolio investors considering a Section 8 rental property. This amount represents the payment standard that the government will cover for eligible tenants under the Section 8 program, but it does not dictate the actual rent you can charge. The local average rent, according to the Census American Community Survey (ACS), is slightly higher at $1,046. This suggests that while your government subsidy will be $1,010, you may have some flexibility to charge a bit more, depending on market conditions and tenant agreements.
The 41.4% share of renters in this area indicates strong demand for rental properties, making it an attractive location for investment. With a significant portion of residents renting, there's a good chance of finding tenants who qualify for the Section 8 program. However, it's important to note that the acquisition cost of a property in this ZIP code is approximately $476,156. This means that if you're planning to purchase a rental property, you should expect to spend around this amount, taking into account the ongoing rental income and subsidies.
Before committing to a Section 8 rental property in 22480, it is crucial to verify that the property meets all the necessary housing quality standards (HQS). These standards ensure that the property is safe, decent, and sanitary for tenants. Failure to meet these requirements can result in penalties or disqualification from the program. Therefore, a thorough inspection and any necessary renovations should be completed before signing a contract with a tenant under the Section 8 program.
In summary, the FMR of $1,010 provides a baseline for government payments, while the local average rent of $1,046 gives insight into market rates. The high renter share suggests robust demand, and the acquisition cost of $476,156 sets expectations for investment. Ensure your property meets HQS to avoid complications and to secure a steady stream of income through the Section 8 program.
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.