Location: Shenandoah County, VA | Metro: Shenandoah 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 | $940 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,200 | $239,312 | 0.5% | F |
| 3BR | $1,470 | $371,253 | 0.4% | F |
| 4BR | $1,830 | $433,730 | 0.42% | F |
U.S. Census Bureau data (2024)
The ZIP code 22810, encompassing Basye, Virginia, presents an interesting scenario for both tenants and landlords alike. The median income here stands at $72,679, which offers insight into the financial capabilities of potential renters. However, the market rate for rentals in this area is currently marked as N/A, indicating a lack of comprehensive data on typical rental prices. This absence makes it challenging to draw definitive conclusions about the affordability of housing based on income alone.
To provide context, let’s consider the Federal Market Rent (FMR) standard set for fiscal year 2026, which is $1,090. Given the limited data available, we can use this figure as a benchmark to gauge how rental costs might align with the local median income. Assuming a household spends approximately 30% of their income on housing, a family earning the median income would be able to allocate around $1,817 towards monthly rent, significantly above the FMR standard. This suggests that even without detailed market rates, the current voucher payment level is likely affordable for most households in Basye.
With only 2.9% of the population renting and a total population of 532, the competition among landlords is minimal. This low percentage of renters indicates a predominantly owner-occupied community, which could imply less demand for rental properties and fewer options for tenants. The scarcity of rental units means that landlords have a unique opportunity to cater to a niche market, particularly those who rely on Section 8 vouchers.
The takeaway for landlords considering voucher versus cash-pay strategies is clear. While the number of renters is small, the median income provides a strong basis for cash-paying tenants to afford higher rents. However, accepting Section 8 vouchers can still be a viable strategy due to the alignment between voucher payments and the likely lower market rates. Landlords should weigh the benefits of guaranteed, government-backed payments against the potential for higher cash rents, keeping in mind the limited pool of tenants and the overall cost of living in Basye.
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.