Location: Southampton County-Franklin city, VA | Metro: Richmond, VA HUD Metro 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 | $910 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,070 | $166,914 | 0.64% | D |
| 3BR | $1,440 | $294,943 | 0.49% | F |
| 4BR | $1,790 | $366,220 | 0.49% | F |
U.S. Census Bureau data (2024)
The ZIP code 23837, located in Courtland, Virginia, is home to 4,623 residents, with 30.0% of them being renters. This indicates that while there is a significant portion of the population renting, it is not overwhelmingly dominated by renters. The median household income stands at $66,645, which provides a baseline for understanding the financial capacity of potential tenants.
A typical market rent of $930 is notably lower than the Fair Market Rent (FMR) set at $1140 for FY 2024 in this ZIP code. This suggests that landlords can potentially offer competitive rental rates while still falling below the threshold for housing assistance. The $930 rent represents approximately 14% of the median household income, indicating that the cost of rent is relatively manageable for most households.
Given the 30.0% rental rate, the demand for Section 8 vouchers is likely present but not overwhelming. Landlords should be aware that the tenant pool will include individuals and families who rely on housing assistance to afford their living spaces. These tenants typically have their rent subsidized up to the FMR level, meaning they might be looking for units priced closer to the $1140 mark rather than the lower market rents currently observed.
The kind of tenant profile landlords should expect includes individuals and families who may have a mix of income sources, including government assistance. Tenants will generally be budget-conscious due to the proportion of income dedicated to housing costs. It's important for landlords to understand the administrative requirements of accepting Section 8 tenants, including regular inspections and reporting.
In summary, ZIP 23837 presents a balanced opportunity for landlords interested in Section 8 tenants. While not a heavily renter-dominated area, the presence of vouchers ensures a steady demand for affordable housing options. Landlords can attract these tenants by offering units that align closely with the FMR, thereby meeting the needs of those seeking housing assistance.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.