Location: Prince Edward County, VA | Metro: Richmond, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,300 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,300 |
| 5 Bedrooms | $2,668 |
| 6 Bedrooms | $2,988 |
| 7 Bedrooms | $3,227 |
| 8 Bedrooms | $3,388 |
U.S. Census Bureau data (2024)
The analysis for ZIP code 23922 in Burkeville, VA, reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR for the area in fiscal year 2024 is set at $1,330, whereas the market rent, according to the latest Census American Community Survey (ACS) data, is $633. This represents a difference of $697, or approximately 110%, between the two figures.
This gap is crucial for landlords and small-portfolio investors considering the Housing Choice Voucher program, commonly known as Section 8. Given that the FMR exceeds the market rent, it means that voucher tenants can afford to pay a higher rent than what the market dictates. This makes ZIP 23922 a prime location for a yield play. Landlords can potentially achieve higher returns on investment by renting to voucher holders, who will cover the difference between the actual rent and the FMR through their vouchers.
The local context further supports this analysis. With 26.7% of residents being renters, there is a substantial demand for affordable housing. The median home value stands at $193,966, and the median income is $62,425, indicating that while homeownership is prevalent, a significant portion of the population relies on rental properties. The higher FMR relative to the market rent suggests that voucher tenants could provide a stable and profitable income stream for landlords, especially in a market where open-market rates are lower than government-set standards.
In conclusion, the disparity between the FMR and the market rent in ZIP 23922 presents an opportunity for landlords to maximize their rental income through the Section 8 program. The potential for increased yields, coupled with the existing demographic conditions, makes this area attractive for those willing to participate in the voucher 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.