Location: Caroline County, VA | Metro: Caroline 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 | $1,090 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $2,170 |
| 4 Bedrooms | $2,620 |
| 5 Bedrooms | $3,039 |
| 6 Bedrooms | $3,404 |
| 7 Bedrooms | $3,676 |
| 8 Bedrooms | $3,860 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,170 | $363,381 | 0.6% | F |
U.S. Census Bureau data (2024)
The market in ZIP code 22535 presents a dynamic environment for landlords and small-portfolio investors. The Fair Market Rent (FMR) stands at $1,450, as set by the metro area for fiscal year 2026, while the actual market rent, according to Census ACS data, is slightly higher at $1,563. This indicates that rental properties are commanding a premium over the benchmark, suggesting strong demand for rental units in the area.
A median home value of $396,856 further underscores the robustness of the local real estate market. While the percentage of price cuts and days on the market (DOM) are not available, the disparity between the FMR and market rent suggests that there is little need for significant price adjustments to attract tenants, pointing towards a scenario where demand might be outpacing supply.
The 9.0% renter share is notably low, which implies that the majority of residents in ZIP 22535 own their homes. However, this also means that any increase in housing costs could put additional pressure on renters, potentially leading to greater competition for rental units and upward pressure on rents. For landlords, this could translate into steady demand and fewer vacancies, assuming the cost of living remains relatively stable.
In summary, the current snapshot of ZIP 22535 indicates a market that is likely experiencing balanced to tight conditions, with rental properties fetching above the FMR. The low renter share suggests that the market is primarily owner-occupied, but it also highlights the potential for increased long-term housing pressure on renters, which could benefit those who invest in rental properties. Landlords should be prepared for a market where demand for rentals is solid, and where maintaining competitive rental rates will be key to sustaining occupancy levels.
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.