Location: King and Queen County, VA | Metro: King and Queen County, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,030 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The median income in ZIP code 23091 stands at $80,481, providing a baseline for understanding the financial capacity of typical households. However, without specific market rate data, it's challenging to definitively assess how affordable the rental market is relative to residents' incomes. What we do know is that the Fair Market Rent (FMR) for the area, as determined by HUD for fiscal year 2024, is set at $1090. This figure represents the maximum amount that a household participating in the Section 8 housing choice voucher program can be expected to pay toward their rent.
Given the population of 562 and a rental rate of 19.3%, there are approximately 109 renters in ZIP 23091. The affordability gap between the median income and the FMR suggests that many renters may struggle to find housing they can afford without assistance. This dynamic creates a competitive environment for landlords, as they must balance the need for income with the realities of renters' budgets.
Landlords considering whether to accept Section 8 vouchers or focus on cash-paying tenants should weigh several factors. Accepting vouchers ensures a steady stream of rental income, albeit at a fixed rate that may be lower than the market rate. In contrast, relying on cash-paying tenants could potentially yield higher rents but also increases the risk of vacancy due to the limited number of financially capable renters in the area.
Takeaway: For landlords in ZIP 23091, embracing a strategy that includes accepting Section 8 vouchers can be beneficial given the significant portion of the population that likely requires financial assistance to afford housing. While the FMR of $1090 may seem low, it guarantees a stable tenant base and minimizes the risk of prolonged vacancies. Landlords who wish to maximize their rental income might consider targeting a smaller segment of cash-paying tenants, but they should be prepared for increased competition and potential vacancy periods.
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.