Location: Buckingham County, VA | Metro: Buckingham County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 23921 in the metro area for fiscal year 2026 is set at $1,080. This figure represents the payment standard for Section 8 housing vouchers, meaning it's the maximum amount that the government will pay towards rent for a unit in this area. However, this does not mean that your rent should be exactly $1,080; it's the ceiling under which you must operate.
To put this into perspective, the average rent for a two-bedroom apartment in ZIP 23921, according to the latest Census American Community Survey (ACS), is $1,056. This indicates that the FMR is slightly above the local average, which can be beneficial for landlords as it helps cover costs associated with maintaining a property that meets Section 8 requirements.
Approximately 28.4% of residents in ZIP 23921 are renters, suggesting there is a decent demand for rental properties. However, this also implies that there might be competition among landlords to attract tenants who qualify for Section 8 vouchers. Understanding the local market dynamics is key to making informed decisions about entering the Section 8 program.
The median home value in ZIP 23921 is around $242,715. This gives an indication of the typical acquisition cost for a property in the area. When considering a Section 8 rental, it’s important to factor in this price along with the potential income from the voucher program. The goal is to ensure that the combination of government payments and tenant contributions covers your expenses and provides a reasonable return on investment.
Before deciding to participate in Section 8 with a property in ZIP 23921, you should verify that the property meets all the necessary criteria set by the housing authority. This includes ensuring that the rent you charge does not exceed the FMR and that the unit passes inspections for health and safety standards. These checks are crucial to avoid any issues that could lead to loss of participation in the program.
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.