Section 8 Fair Market Rent (FMR) for ZIP 23890 - 2027

Location: Surry County, VA | Metro: Richmond, VA HUD Metro FMR Area

Investment Score for ZIP 23890

Monthly Rent (2BR)

$1,490

Median Price (2BR)

$138,128

1% Rule

1.08%

Annual Yield

12.94%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

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

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,490	$138,128	1.08%	B
3BR	$1,870	$205,229	0.91%	C
4BR	$2,300	$292,841	0.79%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

4,167

Median Household Income

$64,063

Housing Units

1,893

Renter Percentage

27.8%

Occupancy Rate

83.7%

Renter Occupied

441

ZIP code 23890, located in Waverly, VA within the Surry County, VA HUD Metro FMR Area, presents a unique profile compared to other ZIP codes in the county. The Fair Market Rent (FMR) for ZIP 23890 is set at $1310 for fiscal year 2024, which is higher than the average market rent of $875. This indicates that while the government sets a higher benchmark for rental rates, actual market rents remain lower, suggesting a potential opportunity for landlords to increase their rental income without exceeding the affordability threshold for low-income renters.

The median home value in ZIP 23890 stands at $192,520, which is notably lower than what might be expected in a county with higher FMRs. This could mean that the area offers better investment opportunities for those looking to purchase properties at a lower price point, especially if they intend to rent them out under Section 8 programs. Additionally, the renter share in this ZIP code is 27.8%, which is above average for the county. A higher proportion of renters combined with lower home values can signal a sweet spot for Section 8 landlords, as it suggests a strong demand for affordable rental housing.

To further contextualize ZIP 23890's position within the Surry County, VA HUD Metro FMR Area, consider the following:

Fair Market Rent (FMR): At $1310, the FMR is above the average market rent, indicating a favorable environment for landlords who can leverage this higher benchmark to attract Section 8 tenants.
Market Rent: The actual market rent of $875 is lower than the FMR, which could imply that there is room to increase rental prices without deterring low-income renters.
Home Values: With a median home value of $192,520, this ZIP code offers relatively affordable property investments, particularly for those interested in Section 8 properties.
Renter Share: The 27.8% renter share is above average, suggesting a robust demand for rental housing and potentially a larger pool of Section 8 eligible tenants.

Based on these figures, ZIP 23890 appears to be a value pocket within the Surry County, VA HUD Metro FMR Area. It offers a combination of lower home values and a higher renter share, making it an attractive location for landlords and small-portfolio investors seeking to capitalize on Section 8 opportunities. The divergence between the FMR and the actual market rent also points towards a potential for increasing rental income while still remaining within the guidelines for affordable housing.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.