Location: Winchester, VA | Metro: Winchester, VA-WV 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 | $1,020 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,770 |
| 4 Bedrooms | $2,380 |
| 5 Bedrooms | $2,761 |
| 6 Bedrooms | $3,092 |
| 7 Bedrooms | $3,339 |
| 8 Bedrooms | $3,506 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,130 | $146,631 | 0.77% | D |
| 2BR | $1,420 | $228,010 | 0.62% | D |
| 3BR | $1,770 | $312,195 | 0.57% | F |
| 4BR | $2,380 | $367,639 | 0.65% | D |
U.S. Census Bureau data (2024)
The ZIP code 26704 in Augusta, WV, stands out within Hampshire County due to several key factors. With a population of 5,148 residents, only 9.7% are renters, indicating a predominantly owner-occupied community. The median income of $74,314 suggests that residents have relatively strong purchasing power compared to the national average. However, the median home value at $261,250 is notably higher, which could indicate a challenge for renters looking to enter the market.
Turning to the economics of Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 26704 in fiscal year 2024 is set at $1,110, significantly above the market rent of $674 as reported by the Census Bureau's American Community Survey (ACS). This gap presents an opportunity for landlords who can leverage the higher FMR to receive more substantial rental payments through the voucher program, potentially offsetting any lower market rents.
Based on the available data, the ZIP code 26704 appears to be in a transitional phase. While the majority of residents own their homes, the presence of a growing number of renters could signal a shift towards a more diverse housing market. The disparity between the FMR and the actual market rent also suggests that the local rental market might be evolving, possibly due to increasing demand from voucher holders seeking affordable housing options. Landlords and small-portfolio investors should monitor these trends closely to make informed decisions about their investments in this area.
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.