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Caroline County/Bowling Green/22428

22428

ZIPFMR
Caroline County, VA
Zillow
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ZIP Investment Score

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095130300
BRFMR
Eff. Rent
0 BR$866$950
1 BR$1,028$1,130
2 BR$1,244$1,370
3 BR$1,723$1,900
4 BR$2,079$1,980
5 BR$2,391Not available
6 BR$2,749Not available
7 BR$3,162Not available
8 BR$3,636Not available

Purchase Price Calculator

Maximum purchase price
$141,665

Cost breakdown

+Likely effective rent$1,370
HUD FMR$1,244
Market rent$1,820
Est. payment standard (110%)Used$1,370
-Principal and interest-$716
Loan amount$113,332
Down payment$28,333
Rate6.50%
Term30 years
-Operating costs-$454
Property taxes-$142
Insurance-$175
Utilities$0
HOA$0
Management-$137
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$22,153(78.2% ROI)
Projected value
$152,558
Return breakdown
Property appreciation+$10,893
Loan principal paid down+$4,060
Rental cash flow+$7,200
5-year hold
+$37,857(133.6% ROI)
Projected value
$160,281
Return breakdown
Property appreciation+$18,616
Loan principal paid down+$7,241
Rental cash flow+$12,000
10-year hold
+$80,932(285.6% ROI)
Projected value
$181,343
Return breakdown
Property appreciation+$39,678
Loan principal paid down+$17,254
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.49
1 BR
0.61
2 BR
0.68
3 BR
0.86
4 BR
1.05
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
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Mortgage rate
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ZIP 22428 fair market rent, FY 2027

For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 22428 (Bowling Green, VA) is $1,244 a month. That is down 0.2% from $1,246 in FY 2026. Bowling Green is in the Caroline County, VA non-metropolitan FMR area. One county-wide FMR applies to every ZIP code in it. The median county two-bedroom FMR in Virginia is $1,262, so ZIP 22428 is 1% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 22428
BedroomsFY 2027Change90–110% range
Studio$866+0.8%$779–$953
1BR$1,028+0.7%$925–$1,131
2BR$1,244−0.2%$1,120–$1,368
3BR$1,723−0.6%$1,551–$1,895
4BR$2,079−0.5%$1,871–$2,287

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 22428
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$866$1,028$1,244$1,723$2,079
FY 2026$859$1,021$1,246$1,733$2,090
FY 2025$901$906$1,119$1,568$1,859
FY 2024$946$952$1,181$1,664$1,946
FY 2023$805$847$1,056$1,501$1,664

Questions about ZIP 22428 rents

How much will Section 8 pay for a two-bedroom in ZIP 22428?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,244, that basic range is $1,120 to $1,368 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 22428 in?

ZIP 22428 is in the Caroline County, VA non-metropolitan FMR area.

How much did fair market rent change in ZIP 22428 for FY 2027?

The two-bedroom FMR fell 0.2%, from $1,246 in FY 2026 to $1,244 in FY 2027. Since FY 2023 it has risen 17.8%.

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 Fair Market Rents. 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 rentBowling Green, VA fair market rentVA statewide rentsWhat is SAFMR?Data sources