Location: Shenandoah County, VA | Metro: Shenandoah County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $2,010 |
| 5 Bedrooms | $2,332 |
| 6 Bedrooms | $2,612 |
| 7 Bedrooms | $2,821 |
| 8 Bedrooms | $2,962 |
U.S. Census Bureau data (2024)
The ZIP code 22641 is located in a suburban neighborhood characterized by a relatively small population of 165 residents. This area has a low percentage of renters at 20.9%, indicating a predominantly owner-occupied community. The median household income in this ZIP is notably high at $136,167, reflecting an affluent demographic. The median home value is also substantial, sitting at $423,792. This suggests that the housing stock is valuable and well-maintained.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 22641 as of fiscal year 2026 is set at $1,180. However, market rent data is currently unavailable, which makes it challenging to directly compare FMR against actual market rates. This absence of market rent figures could be indicative of limited rental activity or a niche market where traditional rent data collection methods are less effective.
Given these factors, ZIP 22641 is better suited for a hands-off voucher operator rather than a hands-on value-add buyer. The high median income and median home values suggest that residents can afford higher rents, making the FMR a reliable benchmark for the rental segment. With only 20.9% of the population renting, there is less pressure to actively manage properties or increase their value through renovations. Landlords and small-portfolio investors should focus on maintaining properties to meet the standards expected in an affluent area while leveraging the Section 8 program to ensure steady, government-backed rental income.
Data Sources: FMR data from HUD (2027). 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.