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)
With a Fair Market Rent (FMR) of $1090 for ZIP 23110 in fiscal year 2024, landlords should be aware that the actual market rent, as per Census ACS data, stands at $1,299. This discrepancy highlights the potential for rental income to exceed Section 8 limits, making it an important consideration for property owners. The median home value in this area is $301,006, indicating a stable housing market that supports higher rents. Given that 22.9% of the population are renters, there is a notable demand for rental properties, which can be capitalized on by savvy investors. The median income of $69,911 suggests that many residents could qualify for assistance programs, including Section 8, due to the income threshold being lower than the median income in the area.
Despite the lack of specific data on days on market (DOM) and the percentage of price-cut shares, the numbers indicate a robust rental market where landlords can potentially charge above the FMR without significant difficulty in finding tenants. The gap between the FMR and the market rent provides a clear opportunity for landlords to maximize their profits while still offering affordable housing options under the Section 8 program.
Investors should note that the $1090 FMR is set to ensure affordability but does not reflect the true market conditions, where the average rent is $1,299. This means that landlords participating in the Section 8 program can still achieve a competitive rate of return on their investments. Furthermore, the high median home value of $301,006 suggests that the neighborhood is desirable, which could lead to higher occupancy rates and less need for price adjustments.
The verdict for Section 8 participation in ZIP 23110 is positive. Landlords can expect to manage properties within a competitive market while benefiting from the stability and support offered by the Section 8 program. However, they must be prepared to navigate the regulations and requirements associated with the program to fully leverage the opportunities presented by the current market conditions.
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.