Location: Westmoreland County, VA | Metro: Richmond 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 | $880 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,140 | $245,743 | 0.46% | F |
| 3BR | $1,540 | $327,139 | 0.47% | F |
| 4BR | $1,830 | $467,853 | 0.39% | F |
U.S. Census Bureau data (2024)
The market in ZIP 22520, Montross, VA, presents a dynamic scenario that balances between supply and demand. With a Fair Market Rent (FMR) of $1,090 for the fiscal year 2026, and a current market rent of $974 based on the latest Census ACS data, it's evident that rental prices are below the federal benchmark. This suggests a competitive market where landlords can offer lower rents to attract tenants without falling below the acceptable range.
The low price-cut share of 0.2% indicates that very few properties are being discounted, which points towards a stable market where property values are holding steady. The median home value stands at $292,517, reflecting a middle-tier housing market that is neither excessively inflated nor depressed. However, the lack of data on days on market (DOM) makes it challenging to definitively conclude whether supply is outpacing demand or vice versa.
The 16.6% renter share highlights a significant portion of the population that relies on rental housing. In a broader context, this can signal long-term housing pressure, as a higher percentage of renters often correlates with a struggle for homeownership due to various economic constraints. Landlords and small-portfolio investors should be aware of this trend, as it could influence the demand for rental properties over time. While it doesn't directly indicate future trends, it does suggest a market where rental properties are essential for meeting housing needs.
In summary, ZIP 22520 offers a balanced environment for real estate investment, with rental prices slightly below the federal benchmark, minimal need for price adjustments, and a notable reliance on rental housing. These factors create an ongoing demand for rental properties, making it a viable market for those looking to invest in a stable yet dynamic real estate landscape.
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.