Location: Surry County, VA | Metro: Surry County, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
U.S. Census Bureau data (2024)
The ZIP code 23899 presents an interesting scenario for both renters and landlords. The median income in this area stands at $59,792, which places significant constraints on household budgets when it comes to housing expenses. At the market rate of $1,063 per month, as reported by the Census ACS, a substantial portion of the median income would be allocated towards rent alone, leaving little room for other essential expenditures.
In comparison, the Fair Market Rent (FMR) standard set for metro areas in fiscal year 2026 is $1,020, slightly below the market rate but still a considerable expense. This suggests that while there might be a slight advantage in terms of cost for those utilizing vouchers, the overall rental landscape remains competitive.
With 21.5% of the population being renters and a total population of 387, the demand for affordable housing is evident. However, the affordability gap between median income and market rates, as well as the FMR, indicates that many households may struggle to find suitable accommodation without financial assistance. For landlords, this means that competition for tenants who can pay the market rate in cash is fierce, as the number of potential renters who can comfortably afford these rates is limited.
The takeaway for landlords considering their strategy regarding voucher tenants versus those paying in cash is clear. While cash-paying tenants might offer immediate financial ease, the reality of the affordability gap in 23899 necessitates a strategic approach. Landlords should consider accepting Section 8 vouchers to ensure a steady stream of income and maintain occupancy rates. The difference between the market rate ($1,063) and the voucher payment standard ($1,020) is minimal, making the risk of accepting vouchers relatively low. Furthermore, the high competition for affordable units suggests that having a mix of both types of tenants could be beneficial in securing long-term stability and profitability.
Data Sources: FMR data from HUD (2027). 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.