Section 8 Fair Market Rent (FMR) for ZIP 22460 - 2027
Location: Richmond County, VA | Metro: Northumberland County, VA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $960 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$65,685
To decide whether you should buy in ZIP code 22460 (Farnham, VA) for Section 8 investment, follow these steps:
- Does the Fair Market Rent (FMR) of $1,240 (for metro FY 2026) cover the debt service on a property valued at $237,692?
- Yes. The FMR of $1,240 is sufficient to cover typical debt service costs on a property priced at $237,692. Debt service includes mortgage payments and other financing costs, which are generally lower when the rental income meets or exceeds the FMR.
- No. If your debt service is higher than what can be covered by the FMR of $1,240, then this ZIP code is not advisable for Section 8 investment. Ensure that the rental income aligns with the total cost of owning the property.
- Is the market rent of $1,186 (from Census ACS data) above, at, or below the FMR?
- Above. If the market rent exceeds the FMR, you might consider other options where the market rent is closer to or below the FMR, maximizing your potential returns while still qualifying for Section 8.
- At or Below. With the market rent at or below the FMR, you can expect to find tenants willing to pay the Section 8 rate, making the investment viable.
- Are 19.7% of residents renters and do the days on the market (DOM) indicate sufficient demand?
- It Depends. While 19.7% of residents being renters suggests there is some demand, the lack of data on days on the market (DOM) makes it difficult to fully assess the competition and turnover rates. However, if you see consistent rental activity and low vacancy rates, this could support a positive investment decision.
The decision to invest in ZIP 22460 hinges on the alignment between FMR and debt service, market rent relative to FMR, and an assessment of the rental demand. Given the available data, if the FMR covers your debt service and market rents are at or below the FMR, the ZIP code presents a reasonable opportunity for Section 8 investment.
Data Sources: FMR data from HUD (2027). 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.