Section 8 Fair Market Rent (FMR) for ZIP 23307 - 2027

Location: Northampton County, VA | Metro: Northampton County, VA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$760
1 Bedroom	$760
2 Bedrooms	$1,000
3 Bedrooms	$1,370
4 Bedrooms	$1,670
5 Bedrooms	$1,937
6 Bedrooms	$2,169
7 Bedrooms	$2,343
8 Bedrooms	$2,460

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

701

Median Household Income

$N/A

Housing Units

396

Renter Percentage

31.7%

Occupancy Rate

78.0%

Renter Occupied

To determine if a landlord should buy in ZIP code 23307 for Section 8 purposes, follow these decision points:

Does the Fair Market Rent (FMR) of $970 cover debt service on a property?
- If the FMR of $970 can clear the debt service on a property, proceed to the next question.
- If it does not, the answer is No. The rental income would not be sufficient to meet financial obligations.
Is the market rent of $862 above, at, or below the FMR?
- If the market rent is below the FMR, landlords could potentially benefit from higher Section 8 payments, making it a Yes.
- If the market rent is equal to or above the FMR, landlords would receive less or no subsidy, making it a No.
Are there enough demand indicators?
- The ZIP code has 31.7% of its residents as renters, which is a significant portion indicating potential demand.
- The number of days on the market (DOM) is not specified, but assuming it's reasonable, this suggests good turnover rates and strong demand, leading to an overall Yes.
- If the DOM is excessively high, it indicates weak demand, making the answer No.

Based on the available data, if the FMR of $970 can cover the debt service and the market rent of $862 is below the FMR, then the high percentage of renters (31.7%) suggests that demand is likely sufficient, especially if the DOM is low. This makes ZIP 23307 a viable option for landlords interested in Section 8 properties. However, without specific information on the DOM, the final decision hinges on whether this metric supports the observed rental demand.

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.