Location: Mecklenburg County, VA | Metro: Brunswick 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 | $720 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,260 |
| 5 Bedrooms | $1,462 |
| 6 Bedrooms | $1,637 |
| 7 Bedrooms | $1,768 |
| 8 Bedrooms | $1,856 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $940 | $148,380 | 0.63% | D |
| 3BR | $1,250 | $325,100 | 0.38% | F |
| 4BR | $1,260 | $526,022 | 0.24% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP 23919 is projected to be $910 in fiscal year 2026. However, this amount must be sufficient to cover the mortgage on a home valued at $184,899. According to recent mortgage rate trends, the average 30-year fixed mortgage rate is around 5%. A mortgage on a $184,899 home at this rate would result in monthly payments of approximately $975, assuming a 20% down payment. Therefore, the FMR does not fully cover the mortgage payment.
The percentage of renter-occupied households stands at 16.0%, which might seem low to some investors. However, it's important to consider that this figure reflects the overall population distribution, including homeowners. The actual demand for rental properties can still be substantial, especially if the number of available rental units is limited. In ZIP 23919, the majority of homes were built in the 1980s and 1990s, suggesting a potential scarcity of newer rental properties that could attract tenants willing to pay higher rents.
Vouchers are a significant source of income for landlords in areas with lower median home values. In ZIP 23919, the median home value is $260,700, which is slightly below the state average. This indicates that the area may have a higher concentration of voucher holders. However, the question remains whether the Housing Choice Voucher program will keep pace with the $774 market rents. Recent data shows that the average voucher payment in similar markets has been increasing, but it's unclear if it will match the exact $774 figure. Investors should monitor local HUD announcements for updates on voucher amounts.
To summarize, while the FMR does not fully cover the mortgage payment on a $184,899 home, there may still be a viable market for rental properties given the age distribution of housing stock and the potential for voucher-supported tenancy. The demand at 16.0% suggests a smaller pool of renters, but the limited supply of newer rental units could mitigate this concern. Lastly, the trend of rising voucher payments offers hope, though exact figures are not available in the current dataset.
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.