Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,200 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,210 |
| 5 Bedrooms | $2,564 |
| 6 Bedrooms | $2,872 |
| 7 Bedrooms | $3,102 |
| 8 Bedrooms | $3,257 |
U.S. Census Bureau data (2024)
The ZIP code 23315, located in Carrsville, Virginia, stands out within Isle of Wight County due to its unique demographic and economic characteristics. With a population of 1,391 residents, it has a rental rate of 24.5%, which is slightly above the national average. The median household income in Carrsville is $71,523, indicating a middle-class community. Additionally, the median home value of $309,272 suggests that homeownership is a significant aspect of the local economy.
When analyzing the Section 8 voucher program in Carrsville, it's important to note the Federal Market Rent (FMR) for fiscal year 2024 is set at $1,200, which is nearly equivalent to the market rent of $1,205 according to the Census American Community Survey. This parity between FMR and market rent means that landlords participating in the Section 8 program can expect to receive rents that closely match the actual market conditions, minimizing financial risk.
The data signature of ZIP 23315 indicates a stable environment. The relatively high median income and median home values suggest a financially secure community. Furthermore, the close alignment between FMR and market rent supports the stability of the rental market. Landlords and small-portfolio investors can confidently consider Carrsville as a location where their investments will be protected by the consistent economic conditions.
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.