Location: Nottoway County, VA | Metro: Nottoway County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
The ZIP code 23955 is located in a unique setting within the rural areas of Virginia, characterized by a small population of only 14 residents. This starkly contrasts with typical urban or suburban neighborhoods where rental properties are abundant. In fact, 23955 has a reported 0.0% of its population renting, indicating that nearly all residents own their homes. The median income and median home value data are not available, which suggests that this area might be too small or remote for detailed economic analysis.
Despite the lack of comprehensive data, we can still assess the potential for Section 8 investments based on the Fair Market Rent (FMR) figures. For fiscal year 2026, the FMR for the metro area encompassing ZIP 23955 is set at $1,010. This figure is critical for landlords considering Section 8 tenants, as it dictates the maximum allowable rent for a two-bedroom unit, which is often the standard size for such programs. However, without market rent data, it's challenging to compare the FMR against local market rates, leaving a gap in understanding how competitive these rents might be.
Given the characteristics of ZIP 23955, it would likely suit a hands-off voucher operator rather than a hands-on value-add buyer. The low population density and high homeownership rate suggest limited demand for rental properties. Therefore, an investment strategy focused on minimal management and maintenance, relying on the steady income provided by government-backed vouchers, aligns well with the area's profile. Landlords should prepare for a niche market with fewer opportunities for property upgrades or renovations aimed at increasing rental income beyond the voucher limits.
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.