We use theoretical models to establish a tight relationship for the absolute magnitudes of RR Lyrae stars as a function of their periods and Stroemgren pseudo-color c_0 = (u-v)_0 - (v-b)_0. Applying this to RR Lyr, and comparing the result with the predicted average absolute magnitude for stars of similar metallicity from the same models, yields an overluminosity of 0.064 +/- 0.013 mag in Stroemgren y (and thus similarly in V) for RR Lyr. Based on a revised value for RR Lyr's trigonometric parallax, and on a newly derived reddening value of E(B-V) = 0.015 +/- 0.020, we provide a corrected relationship between average absolute magnitude and metallicity for RR Lyrae stars that takes RR Lyr's evolutionary status fully into account for the first time. Applying this relationship to the LMC, we derive a revised true distance modulus of (m-M)_0 = 18.44 +/- 0.11.

4 pages, 4 figures (emulateapj format). ApJ (Letters), in press