Section 8 Fair Market Rent (FMR) for ZIP 23515 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 23515, located in Virginia, is an area that offers a mix of residential opportunities, ranging from rental properties to owner-occupied homes. The Fair Market Rent (FMR) for the area, as set by HUD for fiscal year 2024, provides a benchmark for rental pricing, while other metrics such as median home values, renter share, and median income give insight into the overall economic health and demand for housing.

• The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 23515 for fiscal year 2024 is $1370. This figure serves as a guideline for landlords setting rental prices for units of similar size.
• The market rent for ZIP 23515 is currently N/A, indicating a lack of recent data on average rental prices. Landlords should use the FMR as a basis for setting competitive rates.
• The median home value in ZIP 23515 is N/A, suggesting that there might be limited data available on owner-occupied homes in the area.
• The percentage of the population that rents their homes in ZIP 23515 is N/A, which means the exact proportion of renters versus owners is unclear, but it is an important metric for understanding the local housing market dynamics.
• The Days on Market (DOM) for listings in ZIP 23515 is N/A, providing no insight into how quickly properties are selling or renting.
• The median household income in ZIP 23515 is N/A, making it difficult to assess the financial capacity of potential tenants or buyers in the area.

Given the available data, landlords and small-portfolio investors can set their rental prices based on the FMR of $1370 for a two-bedroom unit. However, the absence of specific market rent, median home value, renter share, DOM, and median income figures suggests that further research is necessary to fully understand the local real estate market. Investors should consider looking into more detailed local real estate reports and trends to make informed decisions about property investments in ZIP 23515.

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.