Location: Prince Edward County, VA | Metro: Lunenburg County, VA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,310 |
| 5 Bedrooms | $1,520 |
| 6 Bedrooms | $1,702 |
| 7 Bedrooms | $1,838 |
| 8 Bedrooms | $1,930 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,190 | $238,675 | 0.5% | F |
U.S. Census Bureau data (2024)
The ZIP code 23942 is primarily a renter-heavy area, with 22.6% of its population renting homes. This percentage indicates a significant demand for rental properties, which can be capitalized on by landlords and small-portfolio investors. Given the median household income of $51,505, the typical market rent of $775 represents approximately 15% of the average monthly income, calculated from annual income divided by 12 months.
To put this into perspective, the Fair Market Rent (FMR) for the metro area, set at $910 for fiscal year 2026, is higher than the current market rent in ZIP 23942. This suggests that rents in 23942 are below the federally determined fair market rate, potentially making it an attractive location for tenants seeking affordable housing options.
The expected tenant profile in ZIP 23942 includes individuals and families who are likely to benefit from Section 8 vouchers. With the median income being relatively low, many residents will find it necessary to rely on government assistance to afford housing. Landlords in this area should prepare to work with tenants whose rent is subsidized, ensuring they comply with the HUD guidelines and manage their properties to maintain eligibility for such programs.
Moreover, the lower market rent compared to the FMR implies that there is a substantial gap between what tenants might receive through their vouchers and the actual rent they pay. This could mean that landlords have room to negotiate slight increases in rent without pricing out voucher holders, although they must remain competitive within the local market to attract tenants.
In conclusion, ZIP 23942 presents a viable opportunity for landlords interested in Section 8 tenants. The area's characteristics suggest a robust demand for rental properties, particularly those that offer affordability. Landlords should focus on maintaining their properties to standards that ensure continued participation in the Section 8 program, while also being mindful of the balance between federal subsidies and market rates.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.