Section 8 Fair Market Rent (FMR) for ZIP 23839 - 2027

Location: Surry County, VA | Metro: Surry County, VA HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,030
1 Bedroom	$1,070
2 Bedrooms	$1,170
3 Bedrooms	$1,510
4 Bedrooms	$1,840
5 Bedrooms	$2,134
6 Bedrooms	$2,390
7 Bedrooms	$2,581
8 Bedrooms	$2,710

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

993

Median Household Income

$59,405

Housing Units

413

Renter Percentage

16.0%

Occupancy Rate

92.5%

Renter Occupied

The ZIP code 23839, located in the metropolitan area of Virginia Beach-Norfolk-Newport News, VA-NC, is characterized by a blend of suburban living and proximity to urban amenities, making it a desirable location for both residents and investors. The area offers a mix of rental properties and homeownership opportunities, with a notable presence of the Section 8 program influencing the local housing market.

The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $1,180. This figure represents the maximum amount that landlords can charge for a Section 8 voucher in the region.
The average market rent for properties in ZIP 23839, according to the Census American Community Survey (ACS), stands at $2,029. This indicates a significant gap between the market rates and the FMR, offering landlords the potential to earn above the subsidized rate if they choose not to participate in the Section 8 program.
The median home value in the area is $225,975, which provides insight into the overall property values and can influence investment decisions regarding the purchase price of homes.
Renters make up 16.0% of the total population in ZIP 23839, suggesting a moderate demand for rental properties. However, the participation in the Section 8 program can increase this percentage among low-income households seeking affordable housing solutions.
The median income in the area is $59,405, which is important for understanding the financial capacity of potential tenants and homeowners.
Note: Data on days on market (DOM) for rentals was not available, indicating a need for further research to determine the typical duration properties remain listed before being rented out.

Synthesizing these points, ZIP 23839 presents a balanced market for landlords and small-portfolio investors. With the FMR significantly lower than the market rent, there's a clear opportunity for landlords to maximize their earnings while still participating in the Section 8 program. The median home value suggests a relatively stable property investment climate, and the median income level supports a diverse tenant base. Given the 16.0% renter share, there is a steady demand for rental properties, though the absence of DOM data requires additional due diligence to gauge the speed of property turnover in the area.

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.