Section 8 Fair Market Rent (FMR) for ZIP 22847 - 2027

Location: Shenandoah County, VA | Metro: Shenandoah County, VA

Investment Score for ZIP 22847

N/A

Monthly Rent (2BR)

$1,130

Median Price (2BR)

$N/A

1% Rule

Annual Yield

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$900
1 Bedroom	$910
2 Bedrooms	$1,130
3 Bedrooms	$1,400
4 Bedrooms	$1,830
5 Bedrooms	$2,123
6 Bedrooms	$2,378
7 Bedrooms	$2,568
8 Bedrooms	$2,696

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$1,400	$364,863	0.38%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,054

Median Household Income

$88,906

Housing Units

387

Renter Percentage

12.5%

Occupancy Rate

86.6%

Renter Occupied

To determine if a landlord should buy in ZIP code 22847 for Section 8 investment, follow this decision tree based on the provided data.

Step 1: Can the Fair Market Rent (FMR) of $1,050 cover the debt service on a property priced at $368,738?

No: If the FMR cannot cover the debt service, purchasing in this area would not be advisable. Debt service includes mortgage payments, property taxes, insurance, and maintenance costs. The FMR must exceed these costs to ensure profitability.
Yes: Proceed to Step 2.

Step 2: How does the market rent compare to the FMR of $1,050?

Market Rent Above FMR: If the market rent is higher than the FMR, there's an opportunity to profit beyond what Section 8 provides. This scenario supports a positive investment decision.
Market Rent Equal to FMR: If market rent equals the FMR, the investment is break-even. Landlords can still invest but should expect limited upside outside of Section 8 subsidies.
Market Rent Below FMR: If market rent is lower than the FMR, landlords might find themselves overcharging local tenants who aren't part of the Section 8 program. This could lead to low occupancy rates among non-subsidized tenants, making the investment less attractive.

Step 3: Is there sufficient demand with 12.5% of the population being renters and the average days on market (DOM) being N/A?

It Depends: With 12.5% of the population being renters, demand is moderate. However, without knowing the average DOM, it's challenging to assess how quickly properties rent out. A low DOM indicates strong demand, while a high DOM suggests the opposite. To make a final decision, landlords need to research the current rental market trends in ZIP 22847.

Based on the provided data, landlords should focus on understanding whether the FMR covers their debt service and the relationship between market rent and FMR. The demand signal, though partially informative, requires further investigation into the local rental market dynamics.

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.