Location: Winchester, VA | Metro: Winchester, VA-WV MSA
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 | $1,020 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,770 |
| 4 Bedrooms | $2,380 |
| 5 Bedrooms | $2,761 |
| 6 Bedrooms | $3,092 |
| 7 Bedrooms | $3,339 |
| 8 Bedrooms | $3,506 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,420 | $299,674 | 0.47% | F |
| 3BR | $1,770 | $458,046 | 0.39% | F |
| 4BR | $2,380 | $624,645 | 0.38% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP code 22624, located in Clear Brook, VA, within the Winchester, VA-WV MSA metro area, does not work favorably for landlords. The Fair Market Rent (FMR) set at $1450 for the fiscal year 2024 is significantly lower than the market rent of $1,854 as reported by the Census ACS. This discrepancy means that landlords would be operating at a loss if they were to adhere strictly to the FMR guidelines.
Regarding acquisition affordability, the median home value in ZIP 22624 stands at $484,644. However, without specific data on days on market (DOM) and the percentage of homes that required price cuts, it's challenging to make a definitive statement on how competitive the buying market is. The lack of these metrics suggests that the real estate market may be stable, but further investigation into DOM and price-cut shares is necessary to confirm this.
Tenant demand in ZIP 22624 is relatively low. With a total population of 3,416, only 10.8% are renters, indicating a limited pool of potential tenants. This could result in prolonged vacancy periods and increased competition among landlords for the available rental market.
In summary, ZIP 22624 presents a challenging environment for landlords and small-portfolio investors due to unfavorable rent math and low tenant demand. While the median home value provides some insight into the cost of acquisition, the absence of DOM and price-cut share data leaves gaps in assessing the overall market dynamics. Landlords should proceed with caution and carefully evaluate their investment strategies in this area.
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.