Section 8 Fair Market Rent (FMR) for ZIP 23293 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 23293, located in Virginia, offers a unique opportunity for real estate investors interested in the Section 8 housing market. The area is characterized by a blend of suburban charm and access to urban amenities, making it attractive for both tenants and property owners.

• The Fair Market Rent (FMR) for ZIP 23293 in fiscal year 2024 is set at $1460. This figure represents the maximum amount that a Section 8 tenant can pay towards their rent in the area, providing a clear benchmark for rental pricing.
• Market rent data is currently unavailable for ZIP 23293, which suggests a lack of recent transactions or listings that could provide insights into the private rental market's performance.
• The median home value is also not available, indicating that there might be limited sales activity or that the area predominantly consists of rental properties rather than owner-occupied homes.
• Renter share information is not available, but given the presence of Section 8, it implies a significant portion of residents rely on government assistance for housing, which could affect the overall demand for rental properties.
• The Days on Market (DOM) data is not available, which means we cannot assess how quickly properties are typically rented out in this area. This metric would be crucial for understanding the speed at which vacancies are filled.
• Median income data is not available, leaving a gap in understanding the financial health and earning potential of the local population. This information is key to predicting the ability of residents to afford housing costs.

Despite the limitations in data availability, the high FMR of $1460 indicates strong potential for landlords and small-portfolio investors in ZIP 23293. The reliance on Section 8 suggests a steady demand for affordable housing, though without market rent comparisons, it's challenging to gauge the competitiveness of the area. The lack of median home values and median income data points to a focus on rental properties over homeownership, which aligns well with the Section 8 market. However, the absence of renter share and DOM data hinders a complete assessment of the rental market dynamics. For investors, the high FMR is a positive sign, but they should be prepared for less transparency in other key metrics.

Data Sources: FMR data from HUD (2027).

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.