Location: Cumberland County, VA | Metro: Buckingham County, VA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,060 | $216,370 | 0.49% | F |
| 3BR | $1,270 | $318,046 | 0.4% | F |
| 4BR | $1,640 | $404,945 | 0.4% | F |
U.S. Census Bureau data (2024)
The ZIP code 23040, located in Cumberland, VA, presents an interesting analysis when compared against typical metrics for Cumberland County, VA. The Fair Market Rent (FMR) for the Cumberland County metro area in fiscal year 2026 is set at $1,000. However, ZIP 23040's actual market rent stands at $887, indicating that it is slightly below the FMR threshold. This suggests that landlords in 23040 might be able to attract tenants who qualify for Section 8 assistance without having to significantly reduce their rental rates.
The median home value in ZIP 23040 is $278,900, which is relatively stable and reflects a modest investment opportunity. This figure is representative of the county's overall housing market, implying that 23040 aligns closely with Cumberland County averages on home values.
With a 30.2% renter share, ZIP 23040 shows a higher concentration of renters compared to the typical ZIP codes in Cumberland County. This is significant because it can indicate a strong demand for rental properties, especially if the renter share is disproportionately high relative to home values. In such cases, areas with lower home values but higher renter shares can become attractive to Section 8 landlords, as they cater to a larger tenant pool that relies on government subsidies.
Given the specifics, ZIP 23040 appears to be a value pocket within the Cumberland County, VA metro. Its market rent being below the FMR, combined with a higher-than-average renter share, makes it an appealing location for landlords looking to serve tenants who benefit from Section 8 subsidies. The modest home values also suggest that while it offers good potential for rental income, it may not be as lucrative for those seeking substantial appreciation in property value.
To summarize, landlords and small-portfolio investors should consider ZIP 23040 as a solid option for maximizing their rental income potential within the context of the Section 8 program. It provides a balance between affordability for tenants and profitability for landlords, without the risks associated with premium sub-markets where competition for subsidized tenants is fiercer.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.