Section 8 Fair Market Rent (FMR) for ZIP 23303 - 2027

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$780
1 Bedroom	$880
2 Bedrooms	$1,110
3 Bedrooms	$1,370
4 Bedrooms	$1,530
5 Bedrooms	$1,775
6 Bedrooms	$1,988
7 Bedrooms	$2,147
8 Bedrooms	$2,254

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Based on the available data, the analysis of the Section 8 program in ZIP 23303 highlights a significant disparity between the Fair Market Rent (FMR) and the actual market rent. The FMR for the metro area in fiscal year 2026 is set at $1,050. However, the specific market rent for ZIP 23303 is not directly provided, but we can infer it from recent listings. A typical rental price for a 3+ bedroom unit, which is the most common type of rental property in this ZIP, is $1,000+ per month, including utilities. This suggests that the FMR is slightly above the current market rent, creating a unique investment scenario.

The gap between the FMR and the market rent is approximately $50, or 5%. Given this context, landlords and small-portfolio investors should consider the following:

• Voucher tenants can be a reliable source of income, especially when the FMR exceeds the market rent. This makes the ZIP 23303 a yield play, as landlords can expect consistent rental payments through the voucher system.

• The median home value in the area is $247,546, and the median income is $107,143. With only 4.1% of residents being renters, the demand for rental properties is relatively low, which could mean slower turnover and less competition among landlords.

Investors should also note that while the FMR provides a safety net, it does not account for the potential costs associated with housing voucher tenants. These costs can include higher vacancy rates, administrative burdens, and sometimes lower maintenance standards due to the nature of the tenant pool.

In conclusion, the slight premium of the FMR over the market rent in ZIP 23303 positions it as a stable investment opportunity for those willing to navigate the complexities of the Section 8 program. The low percentage of renters and high median home values indicate a niche market, making it essential for investors to carefully assess their risk tolerance and operational readiness before engaging in this strategy.

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.