Section 8 Fair Market Rent (FMR) for ZIP 23920 - 2027

Location: Mecklenburg County, VA | Metro: Brunswick County, VA

Investment Score for ZIP 23920

N/A

Monthly Rent (2BR)

$1,120

Median Price (2BR)

$N/A

1% Rule

Annual Yield

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	$910
1 Bedroom	$920
2 Bedrooms	$1,120
3 Bedrooms	$1,540
4 Bedrooms	$1,670
5 Bedrooms	$1,937
6 Bedrooms	$2,169
7 Bedrooms	$2,343
8 Bedrooms	$2,460

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
3BR	$1,540	$209,379	0.74%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,225

Median Household Income

$64,135

Housing Units

1,884

Renter Percentage

28.6%

Occupancy Rate

80.0%

Renter Occupied

431

The ZIP code 23920, located in the metropolitan area of Williamsburg, Virginia, offers a unique blend of rural charm and proximity to urban amenities, making it an attractive location for both residents and investors. The region benefits from a stable economy, driven by local industries and the presence of educational institutions, which contributes to a steady demand for rental properties.

The Fair Market Rent (FMR) for ZIP 23920 is set at $1,110 for fiscal year 2026, reflecting the government's assessment of the average rent for a standard two-bedroom apartment in the area.
The market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $1,044. This figure represents the actual average rent paid by tenants in the ZIP code, indicating a slightly lower rent than the FMR.
The median home value in ZIP 23920 is $138,233, which is relatively low compared to other areas in the state, making it an affordable option for potential homeowners and investors alike.
Renters make up 28.6% of the population in this ZIP code, suggesting a significant portion of the community relies on rental housing, thus providing a consistent demand for rental properties.
The median income in the area is $64,135, which is below the national average but still sufficient to support the current rental rates and property values.

In summary, ZIP 23920 presents a balanced opportunity for real estate investment. Despite the relatively low median home values and incomes, the demand for rental properties is strong, as evidenced by the high renter share and the close alignment between the FMR and market rent. Investors can expect a stable market with predictable returns, given the area's economic foundation and the ongoing need for affordable housing options. However, the lack of data on days on market (DOM) suggests caution in assessing the speed of property turnover and the competitive landscape within the ZIP code.

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.