Location: Staunton-Stuarts Draft, VA | Metro: Staunton-Stuarts Draft, 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 | $980 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,140 | $220,864 | 0.52% | F |
| 3BR | $1,570 | $312,680 | 0.5% | F |
| 4BR | $1,750 | $412,481 | 0.42% | F |
| 5BR | $2,030 | $481,147 | 0.42% | F |
U.S. Census Bureau data (2024)
The classification of ZIP 22980 (Waynesboro, VA) on the axes of yield and stability reveals a mixed profile that leans towards a steady-cashflow zone.
Yield: The Fair Market Rent (FMR) for ZIP 22980 in fiscal year 2024 is set at $1,120, which is notably lower than the market rent of $1,392. Given the median home value of $313,550, the potential rental yield is relatively modest. However, the FMR provides a baseline for rental income that can be relied upon through Section 8 vouchers, ensuring a predictable cash flow for landlords participating in the program.
Stability: Stability in this market is indicated by several factors. Firstly, the percentage of renters stands at 31.2%, which is a moderate figure suggesting a balanced mix of homeowners and renters. Secondly, the Days on Market (DOM) for properties is 20 days, reflecting a fairly active rental market where units are occupied promptly. Lastly, the average income of $63,943 suggests that residents have sufficient financial means to cover their housing costs, contributing to tenant reliability and timely rent payments.
While the yield is not exceptionally high due to the difference between FMR and market rent, the stability factors—such as the moderate renter population, quick turnover of rental listings, and reasonable average income—support a steady-cashflow environment. This makes ZIP 22980 suitable for landlords and small-portfolio investors looking for consistent returns rather than high-risk, high-reward opportunities.
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.