Location: Lunenburg County, VA | Metro: Charlotte County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $2,180 |
| 5 Bedrooms | $2,529 |
| 6 Bedrooms | $2,832 |
| 7 Bedrooms | $3,059 |
| 8 Bedrooms | $3,212 |
U.S. Census Bureau data (2024)
The ZIP code 23937 encompasses a small, tight-knit neighborhood with a total population of 1,915 residents. It is characterized by a modest rental segment, where 27.2% of the residents are renters, indicating a relatively low demand for rental properties compared to homeownership. The median household income here stands at $42,818, which places it below the national average, suggesting that the area may be considered economically moderate. The median home value in the neighborhood is $174,117, reflecting an affordable housing market.
From an investment perspective, the Federal Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,180, while the current market rent based on Census ACS data is $1,050. This indicates that there is potential for rental income to rise closer to the FMR, benefiting landlords who can leverage Section 8 vouchers to secure higher rents. However, it also implies that the local market may currently undervalue rental properties, leaving room for price adjustments.
Given these economic factors, ZIP 23937 would suit both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the lower market rent versus the FMR suggests that Section 8 vouchers can be used effectively to ensure stable, government-backed rental income without the need for active property management. On the other hand, hands-on investors could find opportunities to improve and increase the value of rental properties, aiming to capture a portion of the gap between the current market rent and the FMR, thus enhancing their returns over time.
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.