Location: Nottoway 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 | $310,746 | 0.6% | D |
U.S. Census Bureau data (2024)
The market in ZIP code 23894, with a Fair Market Rent (FMR) of $1210 for fiscal year 2024, presents a snapshot that suggests a dynamic environment for both landlords and small-portfolio investors. The absence of reported market rent figures indicates a lack of recent data, which could imply either stability or a need for further investigation into current rental trends.
A median home value of $303,582 signals a middle-class residential area, but without comparative historical values, we cannot definitively state whether this represents an increase or decrease over time. This figure is crucial for understanding the overall economic health of the area and can influence the attractiveness of investment opportunities.
The 39.5% renter share in ZIP 23894 points towards a significant portion of the population choosing to rent rather than buy. This high percentage suggests that there might be long-term housing pressures, as a larger number of renters often indicate challenges in homeownership affordability or other factors that make renting a preferred option. For landlords, this implies a steady demand for rental properties, assuming that the supply does not drastically exceed the number of available units.
Given the limited data, the inference that supply outpaces demand cannot be conclusively drawn. However, if the rental vacancy rate were to be higher than average, it would support the notion that there is more supply than demand. Conversely, a lower vacancy rate would suggest the opposite, indicating that demand is outpacing supply. The high renter share alone does not provide enough information to determine the balance between supply and demand, but it does highlight the importance of rental properties in the local housing landscape.
In conclusion, ZIP 23894 appears to be a market characterized by a substantial renter population, which underscores the significance of rental housing. The FMR and median home value provide key benchmarks for assessing the economic conditions and potential investment opportunities, though additional data on market rents and vacancy rates would offer a clearer picture of the current dynamics between supply and demand.
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.