Location: Southampton County-Franklin city, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC 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 | $1,170 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,850 |
| 4 Bedrooms | $2,270 |
| 5 Bedrooms | $2,633 |
| 6 Bedrooms | $2,949 |
| 7 Bedrooms | $3,185 |
| 8 Bedrooms | $3,344 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,370 | $181,381 | 0.76% | D |
| 3BR | $1,850 | $320,801 | 0.58% | F |
| 4BR | $2,270 | $399,296 | 0.57% | F |
U.S. Census Bureau data (2024)
1070 is the Fair Market Rent (FMR) for ZIP code 23866 in Ivor, VA, for fiscal year 2024. 1383 is the average market rent reported by the Census Bureau's American Community Survey (ACS), indicating a significant gap between the FMR and actual market rates. 293,553 represents the median home value in the area, suggesting a moderate housing market. 24.6 is the percentage of households that are renters, reflecting a notable but not overwhelming rental presence. 62,000 is the median household income, which is relatively low compared to national averages, potentially impacting tenants' ability to afford higher rents. The data shows N/A for days on market (DOM) and the percentage of homes that have had their prices cut, implying a stable market with little fluctuation or need for price adjustments.
The disparity between the $1,070 FMR and the $1,383 market rent suggests that landlords could face challenges in finding tenants willing to pay the higher market rate, especially given the $62,000 median income. However, the 24.6% renter share indicates a consistent demand for rental properties. The median home value of $293,553 provides a benchmark for property values and potential investment opportunities. Given the lack of recent sales data that would influence DOM or price-cut percentages, it appears the local real estate market is steady and predictable.
In conclusion, while the rental market in Ivor, VA, may present some hurdles due to the income levels and the gap between FMR and market rents, the consistent 24.6% renter share and stable property values make it a viable option for landlords and small-portfolio investors. The Section 8 program, with its set FMR of $1,070, offers a reliable stream of income for those willing to work within the parameters of the program. For investors looking to mitigate risk, Section 8 participation in ZIP 23866 is recommended.
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.