Location: Shenandoah County, VA | Metro: Shenandoah 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 | $1,340 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,670 |
| 3 Bedrooms | $2,070 |
| 4 Bedrooms | $2,700 |
| 5 Bedrooms | $3,132 |
| 6 Bedrooms | $3,508 |
| 7 Bedrooms | $3,789 |
| 8 Bedrooms | $3,978 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,670 | $298,761 | 0.56% | F |
| 3BR | $2,070 | $365,078 | 0.57% | F |
U.S. Census Bureau data (2024)
ZIP 22644, located in Maurertown, VA, within the Shenandoah County, VA metro area, is best suited as an appreciation play in a Section 8 portfolio strategy. While the data indicates a median home value of $358,819, which might suggest higher upfront costs, the lack of market rental data and specific price-cut share and days on market (DOM) figures allows us to focus on the potential for long-term capital gains.
The Federal Market Rent (FMR) for the Shenandoah County metro area in fiscal year 2026 is set at $1,550. Although this figure represents the maximum allowable rent for Section 8 participants, it does not necessarily indicate the current market rental rate. The absence of market rental data means that there could be opportunities for landlords to achieve rents above the FMR as the local housing market adjusts. This scenario is particularly favorable when considering the median household income of $75,606, which suggests a stable economic base capable of supporting gradual rent increases.
With a renter share of only 2.7%, ZIP 22644 leans towards a primarily owner-occupied market. This characteristic reduces competition from other rental properties, making it easier to attract tenants willing to pay the FMR or slightly above. The low renter share also implies that the majority of the population is likely to be homeowners, who generally have a vested interest in maintaining property values and community standards. As a result, landlords can expect less wear and tear on their properties and a higher likelihood of long-term tenancy.
In conclusion, ZIP 22644 serves as an appreciation play within a Section 8 portfolio strategy due to its high median home value and stable median income levels. These factors contribute to a strong potential for long-term capital appreciation, despite the lack of detailed market rental data and specific price-cut shares.
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.