Section 8 Fair Market Rent (FMR) for ZIP 22715 - 2027

Location: Madison County, VA | Metro: Madison County, VA

Investment Score for ZIP 22715

N/A

Monthly Rent (2BR)

$1,130

Median Price (2BR)

$N/A

1% Rule

Annual Yield

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

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

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$1,510	$412,023	0.37%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,552

Median Household Income

$87,353

Housing Units

590

Renter Percentage

4.0%

Occupancy Rate

94.2%

Renter Occupied

To determine if you should buy in ZIP code 22715 for Section 8 purposes, follow these steps:

If the Fair Market Rent (FMR) of $1130 for the fiscal year 2024 clears the debt service on a property valued at $403,485:
- Yes, proceed to the next step.
If the FMR does not cover the debt service:
- No, buying in this area would not be financially viable under Section 8 guidelines.

The second question is whether the market rent is above, at, or below the FMR. Since the market rent is listed as N/A, we cannot make a direct comparison. However, if the FMR covers the debt service, you can still consider the purchase despite the lack of market rent data.

If you decide to continue considering the purchase based on the FMR covering debt service:
- Next, assess the demand. In ZIP 22715, 4.0% of the population are renters, and the Days on Market (DOM) is N/A.

The percentage of renters indicates a moderate level of rental demand. However, without specific DOM data, it's challenging to gauge how quickly properties are rented out. This uncertainty means that while there is some demand, it might depend on other factors such as the specific location within the ZIP code, property condition, and competition.

If you find that the DOM is low (e.g., less than 30 days), indicating quick rental turnover:
- Yes, there is likely enough demand to support a Section 8 investment.
If the DOM is high (e.g., over 60 days), suggesting slower rental turnover:
- No, the demand might not be sufficient to support a Section 8 investment.
If the DOM is moderate (e.g., between 30-60 days):
- It depends on additional factors such as the local economy, job market, and the desirability of the property.

In summary, the viability of purchasing a property in ZIP 22715 for Section 8 purposes hinges on the FMR covering debt service, which it does at $1130, and the strength of rental demand, which is moderately indicated by the 4.0% of renters but requires further investigation due to the missing DOM data.

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.