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 | $820 |
| 1 Bedroom | $830 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,350 | $229,672 | 0.59% | F |
U.S. Census Bureau data (2024)
The ZIP code 23844 stands out due to its unique data signature, which includes a relatively low number of residents at 522, with 27.2% of them renting. Despite the small population, the median home value in this area is notably high at $222,818. This combination suggests a niche market where homeownership is more common but also more expensive.
In terms of voucher economics, the Fair Market Rent (FMR) for ZIP 23844 is set at $1120 for fiscal year 2024. However, there is no available data on the market rent for the area, which means landlords should closely monitor local rental trends to ensure they are pricing competitively. The discrepancy between the high median home value and the FMR indicates that rental properties could be underpriced relative to their potential market value, offering an opportunity for landlords to potentially increase rents without significantly deterring tenants eligible for Section 8 vouchers.
The data signature for ZIP 23844 reads as stable. With a high median home value and a defined FMR, the area seems to have established property values and rental standards. However, the lack of detailed market rent data suggests some uncertainty, indicating a transitional element within the broader stability. Landlords and small-portfolio investors should remain vigilant about local economic changes and rental market dynamics to capitalize on opportunities and maintain competitive pricing.
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.