Section 8 Fair Market Rent (FMR) for ZIP 23959 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$790
1 Bedroom	$800
2 Bedrooms	$1,040
3 Bedrooms	$1,280
4 Bedrooms	$1,740
5 Bedrooms	$2,018
6 Bedrooms	$2,260
7 Bedrooms	$2,441
8 Bedrooms	$2,563

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,154

Median Household Income

$78,750

Housing Units

584

Renter Percentage

10.3%

Occupancy Rate

83.0%

Renter Occupied

The ZIP code 23959, located in the metropolitan area of Williamsburg, Virginia, is a region characterized by a blend of historical charm and modern amenities, attracting a diverse mix of residents and visitors alike. This area presents a unique opportunity for real estate investors, particularly those interested in the rental market dynamics influenced by the local economy and housing conditions.

The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $1,030, indicating a steady demand for affordable housing options.
The market rent, as per the latest Census American Community Survey (ACS), stands at $748 for a similar unit, suggesting a gap between the actual rents and the government's benchmark, which could be leveraged by savvy investors.
The median home value in the ZIP code is $187,590, reflecting a relatively affordable market for both homeownership and investment properties.
Renters make up 10.3% of the housing stock, showing that while the majority prefer homeownership, there is still a significant segment of the population that relies on rental housing.
The median income of the residents is $78,750, providing insight into the economic profile of the area and the potential affordability of higher rents for some tenants.

Investors looking to capitalize on the rental market in ZIP 23959 should focus on properties that align with the Fair Market Rent standards, given the discrepancy between the FMR and actual market rents. The median home value indicates a moderate price point, making it accessible for both first-time homebuyers and investors seeking to build a portfolio. With a median income above the national average, there is potential for upward pressure on rents, especially in units that offer modern conveniences and are well-maintained. However, the relatively low renter share suggests that competition for tenants might be stiff, necessitating a keen understanding of the local market and tenant preferences.

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.