Section 8 Fair Market Rent (FMR) for ZIP 23156 - 2027

Location: King and Queen County, VA | Metro: King and Queen County, VA HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$990
1 Bedroom	$1,030
2 Bedrooms	$1,130
3 Bedrooms	$1,390
4 Bedrooms	$1,740
5 Bedrooms	$2,018
6 Bedrooms	$2,260
7 Bedrooms	$2,441
8 Bedrooms	$2,563

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,158

Median Household Income

$36,179

Housing Units

715

Renter Percentage

18.1%

Occupancy Rate

79.0%

Renter Occupied

102

The ZIP code 23156, located in Virginia, is characterized by a modest-sized rental market with a mix of housing types including single-family homes and apartments. This area offers opportunities for investors looking to tap into the federal housing assistance programs while also considering the local rental dynamics.

The Fair Market Rent (FMR) for ZIP 23156 in fiscal year 2024 is set at $1,090, providing a benchmark for rental rates that landlords can aim for to remain competitive with HUD's guidelines.
The average market rent, according to Census ACS data, stands at $939. This figure indicates that the actual rental prices are below the HUD-set FMR, suggesting a potential gap where investors could increase rents slightly without alienating tenants.
The median home value in the area is $277,539, which reflects the overall property values and can be used to gauge the investment cost for potential properties.
Renters make up 18.1% of the population in ZIP 23156, indicating a smaller but steady demand for rental units.
The median income for residents is $36,179, which is important for understanding the economic profile of the area and the affordability of rent for the majority of its inhabitants.

Investors should consider the disparity between the HUD FMR and the actual market rent when setting their own rental prices. The lower median income suggests that there is a significant portion of the population eligible for housing assistance programs such as Section 8. With a median home value of $277,539, the cost of entry into the market is moderate, balancing the risk against potential returns. Given the 18.1% renter share, there is a niche market to target, especially those who might benefit from affordable housing initiatives. Overall, ZIP 23156 presents a viable investment opportunity for landlords and small-portfolio investors interested in leveraging Section 8 vouchers and understanding the local rental landscape.

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.