Location: Mecklenburg County, VA | Metro: Mecklenburg County, VA
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 | $1,060 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,840 |
| 4 Bedrooms | $1,840 |
| 5 Bedrooms | $2,134 |
| 6 Bedrooms | $2,390 |
| 7 Bedrooms | $2,581 |
| 8 Bedrooms | $2,710 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,840 | $228,365 | 0.81% | C |
U.S. Census Bureau data (2024)
The ZIP code 23915, with a population of 1,360, is characterized by a significant rental market presence. Renters make up 29.9% of the residents, indicating that while not the majority, there is a notable segment of the population who rely on rental housing. This creates a scenario where Section 8 vouchers can play a pivotal role in securing tenants for landlords.
The median household income in this area stands at $50,815, which provides a benchmark for understanding the economic capacity of potential tenants. The market rent of $1,277 represents a substantial portion of the average income. To put it into perspective, the monthly rent consumes approximately 31% of the median monthly income, assuming a consistent distribution throughout the year. This ratio suggests that the cost of living, particularly rent, is a significant expense for many households in this ZIP code.
Comparing the market rent to the Fair Market Rent (FMR) set by HUD for the fiscal year 2026, which is $1,040 for the metropolitan area, reveals that the actual market rent exceeds the FMR by $237 per month. This indicates that landlords in ZIP 23915 may need to adjust their expectations regarding rental subsidies; the difference between the FMR and the market rent means that landlords might have to cover part of the gap if they wish to attract Section 8 tenants.
A landlord in this ZIP code should anticipate a tenant pool that includes individuals and families who require financial assistance to afford housing. These tenants will likely be working at lower-wage jobs or receiving social benefits, given the income levels and the high rent-to-income ratio. It's important to recognize that while Section 8 vouchers can help secure stable tenancy, the total rent collected might fall below the market rate due to the subsidy structure. Landlords must weigh the benefits of guaranteed rent against the potentially lower overall rental income compared to non-subsidized units.
To summarize, ZIP 23915 presents an opportunity for landlords willing to participate in the Section 8 program. However, they should be prepared for a tenant base that requires financial assistance and be aware of the limitations that come with accepting vouchers, especially in light of the higher-than-FMR market rents. This analysis is based on the latest available data and provides a clear picture of the economic realities faced by potential tenants in this area.
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.