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 | $1,010 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,900 |
| 5 Bedrooms | $2,204 |
| 6 Bedrooms | $2,468 |
| 7 Bedrooms | $2,665 |
| 8 Bedrooms | $2,798 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,540 | $290,303 | 0.53% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 23878 in fiscal year 2024 is set at $1130. This figure represents the payment standard for Section 8 housing assistance in your area, meaning it's the maximum amount the program will pay towards a tenant's rent. It's important to note that this isn't necessarily the rent you can charge; it's the ceiling for what the government will contribute.
In ZIP 23878, the FMR serves as a benchmark for determining eligibility and setting rent subsidies. While the local median rent is not available, we can still make informed decisions based on the FMR. Given the 7.1% share of renters who might be interested in Section 8 properties, you can expect a steady demand for units that meet the program's requirements. With an estimated acquisition cost of around $277,305 for a property in this ZIP code, the FMR helps you understand the potential subsidy income.
To illustrate, if you own a property valued at $277,305, the Section 8 program will ensure that the rent paid by tenants, combined with the subsidy, does not exceed $1130 per month. This means you need to price your rent competitively to attract eligible tenants while ensuring that the total rent (tenant contribution + subsidy) does not surpass the FMR limit.
A key factor in deciding whether to participate in Section 8 is verifying that your property meets the program's quality standards. The Housing Quality Standards (HQS) inspection is mandatory and ensures your rental property is safe, decent, and sanitary. Failure to pass this inspection means you cannot participate in the program, regardless of the FMR or acquisition costs.
In summary, the FMR of $1130 sets the maximum subsidy payment in ZIP 23878, indicating a potential market for Section 8 rentals. With a 7.1% share of renters likely interested, there is a reasonable demand. However, the most critical step before entering the program is confirming that your property complies with HQS guidelines. This ensures you can successfully enroll and start receiving subsidies.
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.