Location: Rappahannock County, VA | Metro: Rappahannock 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 | $1,390 |
| 1 Bedroom | $1,460 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $1,890 |
| 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 | $1,590 | $491,820 | 0.32% | F |
| 3BR | $1,890 | $570,141 | 0.33% | F |
U.S. Census Bureau data (2024)
ZIP code 22640, located in Huntly, VA, falls within the Rappahannock County, VA HUD Metro FMR Area. The Fair Market Rent (FMR) for 22640 is set at $1,130 for fiscal year 2024. This figure is lower than the average market rent of $1,538, indicating that the area is likely more affordable for renters compared to the broader county average.
The median home value in 22640 stands at $600,032, which suggests that it is a relatively expensive area for homeownership within the metro region. However, the renter share in this ZIP code is 37.9%, higher than many other ZIP codes in the same area. This combination of a high renter share and a below-average home value relative to the metro area could be an indicator of a potential sweet spot for Section 8 properties.
To further contextualize, typical ZIP codes in the Rappahannock County, VA HUD Metro FMR Area would have a higher FMR closer to the $1,538 market rent, reflecting a balance between rental affordability and property values. In contrast, 22640's lower FMR and higher renter share suggest it may serve as a value pocket for tenants seeking more affordable housing options while still offering a significant number of rental units.
A value pocket typically refers to areas where rental costs are lower than the surrounding market, attracting a higher percentage of renters. Given the data, 22640 appears to fit this description well, offering a mix of affordability and accessibility that landlords and small-portfolio investors should consider when evaluating potential investments in the Rappahannock County, VA HUD Metro FMR 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.