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 | $820 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,000 | $106,520 | 0.94% | C |
| 3BR | $1,390 | $170,442 | 0.82% | C |
| 4BR | $1,670 | $237,540 | 0.7% | D |
U.S. Census Bureau data (2024)
The HUD Fair Market Rent (FMR) for ZIP code 23847, which encompasses Emporia, VA, Emporia City County, Southampton County, and Franklin city, VA HUD Nonmetro FMR Area, is set at $1080 for fiscal year 2024. This figure represents the maximum amount that voucher holders can pay toward their housing costs. In comparison, the market rent, as per Census ACS data, stands at $992. Given these numbers, voucher tenants will cashflow positively at the HUD FMR rate, indicating that landlords can expect a consistent and reliable income stream from Section 8 tenants.
To derive the rent-to-price ratio, we use the median home value of $158,072. The ratio is calculated by dividing the annual rent by the home value. With an average monthly rent of $992, the annual rent is approximately $11,904. Therefore, the rent-to-price ratio is about 7.5%, suggesting that rental properties in this area offer a reasonable return relative to property values.
Regarding the dynamics between renting and buying, the median Days on Market (DOM) is listed as N/A, and the percentage of homes that have experienced price cuts is 0.2%. These figures indicate a stable housing market where properties sell relatively quickly without significant price reductions. While these specifics do not directly impact the cashflow from Section 8 investments, they suggest a robust local economy that supports both rental and ownership markets.
The strongest investor angle in ZIP code 23847 is cashflow. Landlords and small-portfolio investors can expect steady returns due to the positive difference between the HUD FMR and the actual market rent, ensuring that voucher tenants cover the majority of the housing costs without financial strain.
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.