Skip to main content
Loading page
Frederick County/Stephenson/22656

22656

ZIPSAFMR
Frederick County, VA
Zillow

ZIP Investment Score

101Above average

095130300
BRFMR
Eff. Rent
0 BR$1,600$1,760
1 BR$1,770$1,770
2 BR$2,260$1,760
3 BR$2,850$2,280
4 BR$3,780$2,760
5 BR$4,347Not available
6 BR$4,999Not available
7 BR$5,749Not available
8 BR$6,611Not available

Purchase Price Calculator

Maximum purchase price
$199,619

Cost breakdown

+Likely effective rent$1,760
HUD FMR$2,260
Market rentUsed$1,760
Est. payment standard (90%)$2,030
-Principal and interest-$1,009
Loan amount$159,695
Down payment$39,924
Rate6.50%
Term30 years
-Operating costs-$551
Property taxes-$200
Insurance-$175
Utilities$0
HOA$0
Management-$176
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$28,270(70.8% ROI)
Projected value
$214,968
Return breakdown
Property appreciation+$15,349
Loan principal paid down+$5,721
Rental cash flow+$7,200
5-year hold
+$48,434(121.3% ROI)
Projected value
$225,850
Return breakdown
Property appreciation+$26,232
Loan principal paid down+$10,203
Rental cash flow+$12,000
10-year hold
+$104,222(261.1% ROI)
Projected value
$255,529
Return breakdown
Property appreciation+$55,910
Loan principal paid down+$24,312
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
0.83
1 BR
1.00
2 BR
1.28
3 BR
1.25
4 BR
1.37
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 22656 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 22656 (Stephenson, VA) is $2,260 a month. That is down 4.2% from $2,360 in FY 2026. Stephenson is in the Winchester, VA-WV MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,505. Among 12 ZIP codes in Frederick County, 22656 has the highest two-bedroom rent (county range $1,420–$2,260). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 22656 is 79% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 22656
BedroomsFY 2027Change90–110% range
Studio$1,600−5.9%$1,440–$1,760
1BR$1,770−5.9%$1,593–$1,947
2BR$2,260−4.2%$2,034–$2,486
3BR$2,850−3.4%$2,565–$3,135
4BR$3,780−4.5%$3,402–$4,158

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 22656
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,600$1,770$2,260$2,850$3,780
FY 2026$1,700$1,880$2,360$2,950$3,960
FY 2025$1,610$1,850$2,310$2,870$3,880
FY 2024$1,260$1,410$1,780$2,220$3,010
FY 2023$1,020$1,110$1,420$1,790$2,360

Two-bedroom rent in nearby Frederick County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 22656
22601$1,670−26.1%
22602$1,590−29.6%
22603$1,630−27.9%
22624$1,420−37.2%
22625$1,470−35.0%
22630$1,430−36.7%
22637$1,470−35.0%
22645$1,420−37.2%
22654$1,450−35.8%
22655$1,710−24.3%
22656Current$2,260—
22663$1,520−32.7%

Questions about ZIP 22656 rents

How much will Section 8 pay for a two-bedroom in ZIP 22656?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,505, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,355 to $1,656 a month; under the ZIP-level Small Area FMR of $2,260 it would be $2,034 to $2,486. 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 22656 in?

ZIP 22656 is in the Winchester, VA-WV MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,505.

How much did fair market rent change in ZIP 22656 for FY 2027?

The two-bedroom FMR fell 4.2%, from $2,360 in FY 2026 to $2,260 in FY 2027. Since FY 2023 it has risen 59.2%.

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 rentStephenson, VA fair market rentVA statewide rentsWhat is SAFMR?Data sources