Location: Prince Edward County, VA | Metro: Lynchburg, VA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
U.S. Census Bureau data (2024)
In ZIP code 23960, located in Prince Edward County, VA, the HUD Fair Market Rent (FMR) for fiscal year 2024 is set at $910. This figure is notably higher than the market rent reported by the Census ACS, which stands at $724. Given these numbers, voucher tenants would typically generate positive cash flow for landlords, especially when considering the lower market rents.
The median home value in the area is $214,879. Using this figure, we can calculate a rent-to-price ratio, which comes out to approximately 0.33%. This suggests that rental income alone might not fully justify the investment in property value, indicating a stronger emphasis on long-term stability rather than immediate high returns.
The data does not provide specific figures for the median days on market (DOM) or the percentage of homes that experienced price cuts. However, given the disparity between the HUD FMR and the actual market rent, it is evident that the rental market is more favorable than the buying market, particularly for those seeking stable cash flow from Section 8 vouchers.
The strongest investor angle in ZIP 23960 is cash flow. With voucher amounts exceeding market rents, landlords can expect consistent, positive cash flow from Section 8 tenants, making this area attractive for those focused on steady income from their investments.
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.