Location: Northampton County, VA | Metro: Northampton County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
The ZIP code 23347 is home to a population of 502 individuals, with 16.2% of them being renters. This indicates that it is not a renter-heavy area but rather a community where homeownership dominates. The median household income in this ZIP is $146,648, which is significantly higher than the typical market rent of $788.
To understand the impact of this income level on rental affordability, we can calculate the percentage of local income that the typical rent consumes. In this case, the $788 market rent represents approximately 5.37% of the median household income. This suggests that rent is relatively affordable compared to the income levels in the area, making it an attractive location for tenants who do not necessarily rely on housing vouchers.
Furthermore, when comparing the market rent to the Fair Market Rent (FMR) of $960 for fiscal year 2026 in the metropolitan area, it becomes evident that the market rent in ZIP 23347 is below the FMR. This implies that landlords in this ZIP code might have fewer Section 8 voucher holders as tenants due to the scarcity of such vouchers relative to the higher FMR set by the government.
A landlord in ZIP 23347 should expect tenants who are financially stable and likely do not require housing assistance. The high median income coupled with the relatively low market rent means that most residents can afford their living expenses without needing to rely on government subsidies. This ZIP code is characterized by a population that has the means to pay rent out-of-pocket, making it less reliant on the availability of Section 8 vouchers.
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.