Location: Page County, VA | Metro: Harrisonburg, VA MSA
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 | $950 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,190 | $257,938 | 0.46% | F |
| 3BR | $1,630 | $332,948 | 0.49% | F |
| 4BR | $1,920 | $414,217 | 0.46% | F |
U.S. Census Bureau data (2024)
ZIP code 22827, located in Elkton, VA, within the Page County, VA metro, presents unique characteristics when compared against typical ZIP codes in the area. The Fair Market Rent (FMR) for 22827 is set at $1,080 for fiscal year 2024, which is notably higher than the market rent of $861. This indicates that while the government sets a higher standard for rental costs, actual market conditions suggest a lower average rent.
The median home value in 22827 stands at $319,915, which is likely above the average for many ZIP codes in Page County, VA. However, it's important to consider the 23.7% renter share in this ZIP code, which is relatively high. Typically, a higher renter share can signal a greater demand for affordable housing options, such as those supported by Section 8 programs.
Based on the provided data, ZIP 22827 appears to be a mid-tier neighborhood within the Page County, VA metro. The FMR exceeds the market rent, suggesting that properties in this ZIP code could potentially attract tenants through Section 8 vouchers. Additionally, the higher-than-average median home value combined with a significant renter share indicates that there might be a balance between homeownership and rental opportunities in this area.
However, the divergence between the FMR and the actual market rent is worth noting. This gap could be indicative of a value pocket where landlords can benefit from the higher subsidy rates without necessarily charging the full FMR. Such a scenario would make 22827 an attractive location for landlords participating in the Section 8 program.
To summarize, ZIP 22827 is positioned as a mid-tier neighborhood within the Page County, VA metro. It offers opportunities for landlords due to the higher FMR relative to market rents, along with a substantial renter share that aligns well with the objectives of Section 8 investors looking for areas with strong tenant demand.
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.