Location: Middlesex County, VA | Metro: Middlesex County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,040 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
U.S. Census Bureau data (2024)
The ZIP code 23032 presents several challenges for landlords considering Section 8 investments. Tenant turnover is a significant risk factor due to the disparity between the market rent and the Fair Market Rent (FMR) of $1,290, which is set for the fiscal year 2026. This difference can lead to dissatisfaction among tenants, increasing the likelihood of frequent moves and higher vacancy rates.
Vacancy exposure is another concern. With a day on market (DOM) figure that is currently unavailable, it's difficult to predict how quickly units might be filled. Vacancies can lead to financial losses if not managed properly, especially when relying on rental assistance programs.
The typical home value in ZIP 23032 stands at $275,951, while the median income is $108,646. These figures suggest that there may be a need for substantial deferred maintenance, as the median income does not provide a buffer for unexpected repairs or upgrades. Landlords must be prepared to invest in property upkeep to maintain eligibility for Section 8 participation.
However, these risks are somewhat mitigated by the fact that 0.0% of the population are renters. While this statistic initially appears negative, it actually points to a highly concentrated rental market. In such areas, the demand for housing vouchers often exceeds supply, leading to a strong interest in Section 8 properties. This dynamic can stabilize occupancy rates and ensure a steady stream of tenants who qualify for assistance.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.