Location: Madison County, VA | Metro: Madison 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 | $960 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,510 | $443,814 | 0.34% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 22709 in fiscal year 2024 is set at $1,040. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It's important to note that this is not necessarily the rent you will receive; it is the payment standard used by the government to determine what vouchers cover.
To put this into perspective, the average rent in ZIP 22709 according to recent Census American Community Survey (ACS) data is $1,594. This means that if you're participating in the Section 8 program, your rental income will be significantly lower than the market rate. However, the FMR does ensure a steady, government-backed payment for eligible tenants, which can provide financial stability.
The 14.0% share of renters in the area indicates a moderate demand for rental properties. While not all renters will qualify for Section 8, there is a reasonable pool of potential tenants who could benefit from the program. The median home value in the area is approximately $428,409, which suggests that purchasing a property in ZIP 22709 would be a substantial investment. However, the Section 8 program can help manage risk by providing reliable rent payments.
Before proceeding with a Section 8 rental, verify that your property meets the HUD's housing quality standards. These standards ensure that the property is safe, decent, and sanitary for tenants, and failing to meet them can result in reduced or halted payments. Once you confirm compliance, you can proceed with confidence, knowing that your investment will be protected by the terms of the Section 8 contract.
In summary, while the FMR of $1,040 is lower than the average local rent of $1,594, the Section 8 program offers a secure and stable source of income. With a 14.0% renter share, there is a steady demand for rental properties, and the median home value of $428,409 reflects the significant investment required to enter the market. Ensure your property meets HUD's standards to avoid any issues and to guarantee consistent payments.
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.