Location: Rappahannock County, VA | Metro: Rappahannock 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 | $1,360 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,860 | $593,202 | 0.31% | F |
U.S. Census Bureau data (2024)
Rappahannock County, VA, specifically ZIP code 22749, serves as a strategic component within a Section 8 portfolio due to its unique characteristics that align well with an appreciation play. The Federal Market Rent (FMR) for ZIP 22749 in fiscal year 2024 is set at $1260. This figure is critical because it represents the maximum rental subsidy that the government will pay for a unit in this area under the Section 8 program. Despite the lack of available market rent data, the FMR provides a solid benchmark for evaluating potential rental income.
The median home value in ZIP 22749 is notably high at $693,184, indicating a robust local economy and strong property values. Although specific figures for price-cut share and days on market (DOM) are not provided, the high median home value suggests that properties in this area are likely to appreciate over time. Historically, areas with such high median home values have seen steady growth, making them attractive for long-term investment strategies focused on capital appreciation rather than short-term cash flow.
ZIP 22749 is not primarily a cash-flow anchor. While the FMR of $1260 can provide a consistent source of income, the lack of market rent data makes it difficult to assess the spread between FMR and actual market rents. However, given the high median home value, it's reasonable to infer that market rents could be significantly higher, reducing the attractiveness of this ZIP code for maximizing immediate cash flow.
Nor is this ZIP code best suited as a diversifier, despite having a 33.3% renter share. Diversification typically involves balancing portfolios with different types of investments to mitigate risk. In this case, the high median home value and the absence of specific data on median income and rental market dynamics suggest that the primary appeal of ZIP 22749 lies in its potential for property value appreciation rather than providing a stable mix of renters and homeowners.
In conclusion, ZIP 22749 should be considered as part of an appreciation play within a Section 8 portfolio. Its high median home value and the stability provided by the FMR make it a sound choice for investors looking to grow their equity over time, even if immediate cash flow is not the primary objective.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.