Location: Southampton County-Franklin city, VA | Metro: Southampton County-Franklin city, VA HUD Nonmetro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,040 | $118,198 | 0.88% | C |
| 3BR | $1,400 | $194,724 | 0.72% | D |
U.S. Census Bureau data (2024)
The ZIP code 23827, located in Boykins, VA, presents a unique balance between yield and stability that leans towards being a steady-cashflow zone rather than a high-yield/low-stability market. This classification is driven by several key figures.
First, consider the yield aspect. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $980, while the market rent stands at $1,047. This indicates a modest premium above the FMR that landlords can expect, suggesting a reasonable but not exceptionally high yield. Additionally, the median home value of $168,758 is relatively stable and not indicative of a highly speculative market where rapid appreciation might drive flipping activities.
Moving to the stability axis, the ZIP code has a 27.0% rental rate, which means a significant portion of residents are homeowners, potentially reducing vacancy rates and increasing tenant longevity. However, the lack of data on the average days on market (DOM) suggests some uncertainty around how quickly properties can be rented out. Despite this gap, the median household income of $62,727 provides a solid foundation for tenants' ability to pay rent, contributing to overall stability.
To further clarify, let's break down the numbers:
In conclusion, ZIP 23827 is best classified as a steady-cashflow zone due to its moderate rental premiums and stable income levels, which support consistent tenant payments. The absence of speculative behavior, as indicated by the home values and rental rates, suggests a market less prone to rapid changes and more suitable for long-term investment strategies.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.