Location: Washington-Arlington-Alexandria, DC | Metro: Washington-Arlington-Alexandria, DC-VA-MD 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 | $1,130 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,310 | $407,356 | 0.32% | F |
| 3BR | $1,670 | $570,019 | 0.29% | F |
| 4BR | $1,970 | $731,959 | 0.27% | F |
U.S. Census Bureau data (2024)
The Section 8 thesis in ZIP code 22728, which encompasses Midland, VA, is centered around the significant disparity between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR stands at $1320, whereas the Census ACS reports an average market rent of $1,021. This means there is a $299 gap per month, or a 29.3% premium, in favor of the FMR.
This gap makes voucher tenants particularly attractive for landlords and small-portfolio investors looking to maximize their yields. The higher FMR allows property owners to charge closer to the $1320 benchmark, ensuring a consistent and reliable income stream that exceeds the open-market rental rates. Given that only 14.9% of residents in Midland are renters, securing a Section 8 tenant can be a strategic move to capitalize on the limited rental market.
The median home value in Midland is $610,079, and the median household income is $120,789. These figures suggest a relatively affluent community where homeownership is prevalent. However, the FMR being above the market rent indicates that the government aims to provide affordable housing options that align with the local cost of living. For landlords, this scenario translates into a higher guaranteed monthly payment, mitigating the risk associated with fluctuating market conditions and potentially lower-paying open-market tenants.
Investing in properties that can accommodate Section 8 tenants in Midland, VA, therefore, represents a lucrative opportunity. The consistent income derived from voucher payments can offer a stable return on investment, especially when compared to the variability of market rents. Landlords should consider the administrative aspects and potential challenges of managing Section 8 properties but can also benefit from the long-term stability and higher rent amounts these programs provide.
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.