Location: Essex County, VA | Metro: King and Queen County, VA HUD Metro FMR Area
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 | $1,050 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,460 | $306,413 | 0.48% | F |
U.S. Census Bureau data (2024)
In ZIP code 23148, there are several potential pitfalls for landlords considering Section 8 investments. First, tenant turnover is a significant concern. The market rent of $966 is notably lower than the Fair Market Rent (FMR) of $1090 for fiscal year 2024. This gap suggests that tenants might be drawn to Section 8 properties due to their affordability, but it also implies higher turnover rates as tenants seek better rental terms outside of subsidized housing.
Vacancy exposure is another issue. The average days on market (DOM) for listings in this area is not available, which makes it difficult to predict how long a property might remain vacant between tenancies. High vacancy periods can lead to lost revenue and increased maintenance costs, as properties may sit unoccupied for extended times.
The deferred-maintenance exposure is substantial. With a typical home value of $293,858 and a median income of $67,266, residents may struggle to afford necessary repairs and upkeep, especially when relying on government subsidies. This financial strain can result in higher maintenance demands on landlords, who must ensure that their properties meet the standards set by the Housing Choice Voucher program.
However, these risks are tempered by the high renter share in the area, which stands at 36.9%. A large proportion of renters typically translates into higher demand for Section 8 vouchers, providing a steady stream of qualified tenants. The local rental market's reliance on subsidies can help maintain occupancy levels, reducing the likelihood of prolonged vacancies.
Verdict: Moderate risk for a first-time Section 8 landlord.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.