Location: Winchester, VA | Metro: Winchester, VA-WV MSA
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 | $1,600 |
| 1 Bedroom | $1,770 |
| 2 Bedrooms | $2,260 |
| 3 Bedrooms | $2,850 |
| 4 Bedrooms | $3,780 |
| 5 Bedrooms | $4,385 |
| 6 Bedrooms | $4,911 |
| 7 Bedrooms | $5,304 |
| 8 Bedrooms | $5,569 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,260 | $306,165 | 0.74% | D |
| 3BR | $2,850 | $416,648 | 0.68% | D |
| 4BR | $3,780 | $545,262 | 0.69% | D |
| 5BR | $4,385 | $620,783 | 0.71% | D |
U.S. Census Bureau data (2024)
The ZIP code 22656 in Stephenson, VA, stands out within Frederick County due to its unique demographic and economic characteristics. With a total population of 5,360 residents, only 14.9% of the households rent their homes, indicating a primarily owner-occupied community. The median income in this area is relatively high at $107,135, which supports a robust local economy. However, the median home value of $484,286 is significantly lower than other parts of the county, suggesting a more affordable housing market within an otherwise affluent region.
From a Section 8 perspective, the Federal Market Rent (FMR) for ZIP 22656 in fiscal year 2024 is set at $1,780. This figure is notably below the market rate, as indicated by the Zillow Observed Rent Index (ZORI), which stands at $2,245. Landlords who accept Section 8 vouchers can expect to receive a subsidy that covers a substantial portion of the market rent, but it will not fully align with the current rental rates. This discrepancy between FMR and ZORI highlights the financial realities landlords face when considering participation in the Section 8 program.
Based on the data signature, ZIP 22656 appears to be a stable community. Its high median income suggests financial security among residents, while the low percentage of renters indicates a preference for homeownership. The relatively low median home value compared to other areas in Frederick County implies that this ZIP code could be attractive to first-time homebuyers or those seeking more affordable housing options. For landlords and small-portfolio investors, the stability of the area combined with the availability of Section 8 vouchers presents an opportunity to offer affordable housing solutions while maintaining financial viability through government subsidies.
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.