Location: Orange County, VA | Metro: Culpeper 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 | $1,170 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,430 |
| 3 Bedrooms | $1,960 |
| 4 Bedrooms | $2,060 |
| 5 Bedrooms | $2,390 |
| 6 Bedrooms | $2,677 |
| 7 Bedrooms | $2,891 |
| 8 Bedrooms | $3,036 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,960 | $407,442 | 0.48% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 22733 within the Orange County, VA metro area reveals several key insights for landlords and small-portfolio investors.
The rent math does not favorably align for properties seeking to participate in the Section 8 program. The Fair Market Rent (FMR) for the zip code in fiscal year 2024 is set at $1200, which is notably lower than the average market rent of $1,629 as reported by the Census Bureau's American Community Survey (ACS). This discrepancy suggests that landlords might struggle to cover operational costs and maintenance with the FMR rates.
Acquisition of homes in this zip code is moderately affordable given the median home value of $394,773. However, the lack of available data on days on market (DOM) and the percentage of homes sold with price cuts indicates that the local housing market dynamics are unclear. This ambiguity can pose risks for potential investors looking to enter the market quickly or at a discount.
Tenant demand is present but limited due to the small population size of 1,711 residents. With 26.7% of the population being renters, there is a defined pool of potential tenants, although it is relatively small. This could mean competition among landlords for rental units is high, and maintaining occupancy might be challenging without offering competitive rents or amenities.
In conclusion, while there is a tenant base in ZIP 22733, the mismatch between the FMR and market rent rates makes participation in the Section 8 program less attractive for landlords. The affordability of acquisitions is balanced by the uncertainty in the local housing market, and the limited tenant demand requires careful consideration. Landlords should weigh these factors carefully before investing in this zip code, particularly focusing on the financial viability of renting properties at FMR rates versus the higher market rents needed to sustain profitability.
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.