Fairfax City/Fairfax/22038

22038

ZIPSAFMR

Fairfax City, VA

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$2,220	$1,610	6.5%
1 BR	$2,310	$1,940	7.3%
2 BR	$2,560	$2,640	6.5%
3 BR	$3,260	$3,290	7.3%
4 BR	$3,840	$3,660	7.1%
5 BR	$4,416	Not available	7.1%
6 BR	$5,078	Not available	7.1%
7 BR	$5,840	Not available	7.1%
8 BR	$6,716	Not available	7.1%

Purchase Price Calculator

Maximum purchase price

$330,386

Cost breakdown

+Likely effective rent$2,640

HUD FMR$2,560

Market rent$2,690

Est. payment standard (103%)Used$2,640

-Principal and interest-$1,671

Loan amount$264,309

Down payment$66,077

Rate6.50%

Term30 years

-Operating costs-$769

Property taxes-$330

Insurance-$175

Utilities$0

HOA$0

Management-$264

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$42,073(63.7% ROI)

Projected value

$355,790

Return breakdown

Property appreciation+$25,404

Loan principal paid down+$9,470

Rental cash flow+$7,200

5-year hold

+$72,302(109.4% ROI)

Projected value

$373,802

Return breakdown

Property appreciation+$43,415

Loan principal paid down+$16,887

Rental cash flow+$12,000

10-year hold

+$156,774(237.3% ROI)

Projected value

$422,923

Return breakdown

Property appreciation+$92,536

Loan principal paid down+$40,238

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.38ratio

FMR$2,220

Market$1,610

vs market+$610

FMR is above market; underwrite to market rent.

1.38

1 BR

1.19ratio

FMR$2,310

Market$1,940

vs market+$370

FMR is above market; underwrite to market rent.

1.19

2 BR

0.95ratio

FMR$2,560

Market$2,690

vs market-$130

FMR is near market; voucher and private rents are aligned.

0.95

3 BR

0.99ratio

FMR$3,260

Market$3,300

vs market-$40

FMR is near market; voucher and private rents are aligned.

0.99

4 BR

1.05ratio

FMR$3,840

Market$3,660

vs market+$180

FMR is near market; voucher and private rents are aligned.

1.05

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 22038 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 22038 (Fairfax, VA) is $2,560 a month. That is up 10.8% from $2,310 in FY 2026. Fairfax is in the Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 4 ZIP codes in Fairfax City, 22038 has the 4th-highest two-bedroom rent (county range $2,560–$2,970). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 22038 is 103% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 22038
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$2,010	$2,220	+10.4%	$1,998–$2,442
1BR	$2,070	$2,310	+11.6%	$2,079–$2,541
2BR	$2,310	$2,560	+10.8%	$2,304–$2,816
3BR	$2,920	$3,260	+11.6%	$2,934–$3,586
4BR	$3,430	$3,840	+12.0%	$3,456–$4,224

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 22038
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$2,220	$2,310	$2,560	$3,260	$3,840
FY 2026	$2,010	$2,070	$2,310	$2,920	$3,430
FY 2025	$2,060	$2,110	$2,370	$2,960	$3,500
FY 2024	$1,840	$1,870	$2,120	$2,640	$3,130
FY 2023	$1,700	$1,730	$1,970	$2,460	$2,940

Two-bedroom rent in nearby Fairfax City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 22038
22030	$2,820	+10.2%
22031	$2,970	+16.0%
22032	$2,860	+11.7%
22038Current	$2,560	—

Questions about ZIP 22038 rents

How much will Section 8 pay for a two-bedroom in ZIP 22038?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,560, that basic range is $2,304 to $2,816 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 22038 in?

ZIP 22038 is in the Washington-Arlington-Alexandria, DC-VA-MD HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 22038 for FY 2027?

The two-bedroom FMR rose 10.8%, from $2,310 in FY 2026 to $2,560 in FY 2027. Since FY 2023 it has risen 29.9%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rent Fairfax, VA fair market rent VA statewide rents What is SAFMR?Data sources