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 | $232,387 | 0.51% | F |
U.S. Census Bureau data (2024)
The ZIP code 23954 stands out within the county with a population of 2,396 residents, where 38.0% of them rent their homes. The median income for this area is $77,756, which is relatively high compared to other ZIP codes. However, the median home value at $190,876 suggests that homeownership is more expensive here. This combination of factors indicates a mix of affordability challenges and economic stability.
Moving into the specifics of Section 8 economics, the Fair Market Rent (FMR) for ZIP 23954 is set at $920 for the fiscal year 2026. In contrast, the current market rent, based on Census ACS data, is $742. This gap between FMR and market rates means that landlords can potentially benefit from higher rental incomes when accepting vouchers. The difference of $178 per month highlights the financial advantage of participating in the Section 8 program in this ZIP code.
The data signature for ZIP 23954 reads as stable, given the moderate percentage of renters and a relatively high median income. While the median home value is also high, indicating some level of economic activity, the overall picture suggests that the area is not undergoing rapid changes. Landlords and small-portfolio investors should consider the economic benefits of accepting Section 8 vouchers, especially if they aim to attract tenants who might otherwise struggle to afford housing in this ZIP code.
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.