Location: Caroline 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 | $1,130 |
| 3 Bedrooms | $1,560 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,130 | $260,612 | 0.43% | F |
| 3BR | $1,560 | $342,222 | 0.46% | F |
| 4BR | $1,890 | $453,028 | 0.42% | F |
U.S. Census Bureau data (2024)
Milford, VA, in ZIP code 22514, is a small suburban community with a total population of 2,290 residents. A quarter of the population, specifically 25.1%, are renters, indicating a modest demand for rental properties. The area boasts a median household income of $78,792, suggesting a middle-class community where residents have sufficient financial stability. Median home values in the region stand at $336,050, reflecting a stable housing market.
The economic landscape for rental properties in 22514 is defined by the Fair Market Rent (FMR) set by the Department of Housing and Urban Development (HUD), which is $1010 for the fiscal year 2024. This contrasts with the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), which is $912. This gap highlights an opportunity for landlords who can leverage the higher FMR to secure Section 8 tenants, ensuring steady, government-backed rental income.
Given these figures, ZIP 22514 is well-suited for both hands-off voucher operators and hands-on value-add buyers. Voucher operators can benefit from the consistent income provided by Section 8 tenants, while value-add buyers might find potential in improving properties to command rents closer to the FMR. However, it's crucial for investors to understand the local dynamics, including tenant preferences and property management costs, to make informed decisions.
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.