Section 8 Fair Market Rent (FMR) for ZIP 22649 - 2027
Location: Warren County, VA | Metro: Warren County, VA HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,060 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,450 |
| 3 Bedrooms | $1,930 |
| 4 Bedrooms | $2,390 |
| 5 Bedrooms | $2,772 |
| 6 Bedrooms | $3,105 |
| 7 Bedrooms | $3,353 |
| 8 Bedrooms | $3,521 |
To determine if you should buy in ZIP code 22649 (Unknown, VA) for Section 8, follow these steps:
- Step 1: Does the Fair Market Rent (FMR) of $1170 for the fiscal year 2024 cover your debt service?
- Yes: Proceed to Step 2.
- No: Do not invest in this area for Section 8. The FMR does not provide sufficient income to meet your financial obligations.
- Step 2: Is the market rent above, at, or below the FMR?
- Above: This indicates that non-Section 8 tenants might be available at higher rates, which can be beneficial but also means Section 8 may not be the most profitable option.
- At: Market rents align with the FMR, making Section 8 a viable option. However, you must ensure there is enough demand.
- Below: This suggests that Section 8 could be a good choice as it guarantees stable rental income at or near market rates. Still, check the demand levels.
- Step 3: Are the rental demand indicators strong enough?
- Yes: If the percentage of renters is high and the days on market (DOM) is low, this signals strong demand for rentals in the area. You can confidently invest in Section 8 properties.
- No: If the percentage of renters is low and DOM is high, there isn't enough demand for rentals. This makes it less likely that Section 8 tenants will be able to find housing, thus reducing the attractiveness of this investment.
Note: Specific percentages and DOM figures for ZIP 22649 are currently unavailable. Make sure to research these metrics before making any investment decisions.
If you can confirm that the FMR covers your debt service and that market rents are either at or below the FMR, the next step is to assess the local rental market's demand. Strong demand ensures a steady stream of Section 8 tenants, while weak demand might leave your units vacant. Always verify the latest data on local rental trends and tenant availability before investing.
Data Sources: FMR data from HUD (2027).
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.