Location: Winchester, VA | Metro: Warren 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 | $1,210 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,710 |
| 3 Bedrooms | $2,150 |
| 4 Bedrooms | $2,860 |
| 5 Bedrooms | $3,318 |
| 6 Bedrooms | $3,716 |
| 7 Bedrooms | $4,013 |
| 8 Bedrooms | $4,214 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,710 | $247,913 | 0.69% | D |
| 3BR | $2,150 | $366,975 | 0.59% | F |
| 4BR | $2,860 | $492,393 | 0.58% | F |
| 5BR | $3,318 | $542,665 | 0.61% | D |
U.S. Census Bureau data (2024)
The ZIP code 22655, located in Stephens City, VA, is home to 22,687 residents, with 22.0% of them being renters. This indicates that while there is a significant rental population, it is not a renter-heavy area. The median household income in this region stands at $109,169, which places it in a higher income bracket compared to national averages.
The market rent for properties in ZIP 22655 is currently set at $2,076 per month. This amount represents approximately 23.6% of the median household income when calculated annually. In contrast, the Fair Market Rent (FMR) for the fiscal year 2024 is $1,500, indicating that market rents are significantly higher than the FMR.
The discrepancy between the FMR and the actual market rent suggests that tenants relying solely on Section 8 vouchers may find it challenging to cover the full cost of renting in this ZIP code. Landlords will likely need to supplement the voucher amount to meet their financial needs fully.
Given the income levels and the high market rents, landlords in ZIP 22655 can expect a tenant profile that includes individuals and families who have a mix of income sources. These tenants might rely partly on Section 8 vouchers but also have additional income to make up the difference between the voucher amount and the market rent. They would be seeking affordable housing options within a relatively affluent community.
To summarize, ZIP 22655 is not predominantly a renter-heavy area with deep voucher demand; rather, it is a location where homeownership dominates, and voucher availability is relatively scarce. The typical rent consumes a considerable portion of the local income, making it a market where landlords must balance the benefits of higher rents against the challenges of attracting voucher-supported tenants.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.