Location: Middlesex County, VA | Metro: Middlesex 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 | $1,090 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $2,070 |
| 5 Bedrooms | $2,401 |
| 6 Bedrooms | $2,689 |
| 7 Bedrooms | $2,904 |
| 8 Bedrooms | $3,049 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,300 | $325,685 | 0.4% | F |
| 3BR | $1,670 | $382,043 | 0.44% | F |
| 4BR | $2,070 | $526,663 | 0.39% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 23175, Urbanna, VA, reveals several key insights for landlords and small-portfolio investors.
The first question is whether the rent math works. The Fair Market Rent (FMR) for the Middlesex County, VA metro area for fiscal year 2026 is set at $1,440. However, the actual market rent based on Census ACS data stands at $924. This discrepancy indicates that the rent math does not work favorably for landlords, as the FMR exceeds the current market rent by over 50%. Landlords would need to adjust their expectations or find ways to increase rental income to align with the higher FMR.
Regarding the affordability of acquisitions, the median home value in ZIP 23175 is $383,075. Given that the days on market (DOM) and the percentage of homes that require price cuts are not available, it's difficult to assess the current market dynamics fully. However, the median home value suggests that acquisitions could be costly, especially if the market is competitive. Investors should be prepared for potentially high entry costs when considering property purchases in this area.
The third question is about tenant demand. With a total population of 2,053, the renter share is 16.2%. This means approximately 332 residents are likely to be renters. While the number of potential tenants is relatively low due to the small population size, the demand exists and could support a limited number of rental properties.
In conclusion, ZIP 23175 presents a challenging scenario for landlords due to the mismatch between the FMR and the actual market rent. Acquisition costs are high, with the median home value indicating significant investment required. Tenant demand is present but limited by the small overall population. Investors should carefully consider these factors before entering the Urbanna market, focusing on areas where they can leverage lower market rents while still attracting the available tenant base.
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.