Location: Surry County, 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 | $1,300 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,300 |
| 5 Bedrooms | $2,668 |
| 6 Bedrooms | $2,988 |
| 7 Bedrooms | $3,227 |
| 8 Bedrooms | $3,388 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,870 | $356,735 | 0.52% | F |
U.S. Census Bureau data (2024)
ZIP code 23881, located within the Surry County, VA HUD Metro FMR Area, has a Fair Market Rent (FMR) of $1250 for fiscal year 2024. This FMR figure is higher than the average market rent of $968, indicating that the area is slightly more expensive for renters compared to what might be considered typical within the county's metro area. The median home value in ZIP 23881 stands at $292,159, which is relatively consistent with the broader metro area's median home values.
The renter share in 23881 is 19.5%, a metric that suggests a significant portion of residents are renting their homes. When juxtaposed against the FMR and market rent figures, this points towards an environment where rental properties are more valuable relative to owner-occupied homes. In other words, while the cost to rent is above average, the cost to own is on par with the surrounding areas.
Based on these figures, ZIP 23881 can be characterized as a mid-tier neighborhood within the Surry County, VA HUD Metro FMR Area. It is neither the most affordable nor the most expensive sub-market but rather sits comfortably between the two extremes. The divergence seen here, particularly the higher FMR relative to market rent, coupled with a notable renter share, could signal that 23881 is a desirable location for Section 8 tenants. Landlords and small-portfolio investors should consider this when evaluating the potential for Section 8 subsidies to cover rental costs effectively.
To further assess the market dynamics and identify if 23881 is a value pocket or a premium sub-market, additional data on comparable ZIP codes would be necessary. However, with the given figures, it is clear that the area offers a balanced opportunity for those interested in both rental income and property appreciation.
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.