Section 8 Fair Market Rent (FMR) for ZIP 23923 - 2027

Location: Prince Edward County, VA | Metro: Charlotte County, VA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$830
1 Bedroom	$830
2 Bedrooms	$990
3 Bedrooms	$1,190
4 Bedrooms	$1,580
5 Bedrooms	$1,833
6 Bedrooms	$2,053
7 Bedrooms	$2,217
8 Bedrooms	$2,328

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,063

Median Household Income

$65,536

Housing Units

1,111

Renter Percentage

29.3%

Occupancy Rate

80.4%

Renter Occupied

262

The ZIP code 23923, located in the heart of Virginia's rural landscape, offers a unique blend of serene living conditions and proximity to urban amenities. This area is characterized by its stable housing market, which presents both challenges and opportunities for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for a two-bedroom apartment in the metropolitan area for fiscal year 2026 is set at $910. This figure serves as a benchmark for rental pricing, indicating the maximum amount that can be charged under the Section 8 program.
The average market rent for the same property type is currently priced at $707, based on recent Census ACS data. This suggests that there is room for rental price increases without exceeding the FMR threshold.
The median home value in ZIP 23923 stands at $196,457, reflecting the overall affordability and stability of the housing market in the region.
Renters make up 29.3% of the housing market, indicating a moderate demand for rental properties. This percentage provides insight into the potential tenant pool available for landlords.
The median income in the area is $65,536, offering a glimpse into the financial capabilities of residents and their ability to afford higher rents.

Investors looking to enter the ZIP 23923 market should take note of the discrepancy between the FMR and current market rents, which presents an opportunity for increasing rental rates while still remaining within the bounds of the Section 8 program. The median home value indicates that the area is relatively affordable, which could attract a steady stream of tenants. However, the moderate renter share suggests that competition for rental units may be fierce, necessitating a focus on property quality and location. With a median income that supports reasonable rent increases, landlords have the potential to see steady cash flows from their investments in this ZIP code. Overall, the ZIP 23923 market is poised for cautious optimism, with careful consideration of these factors leading to successful real estate ventures.

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.