Location: Prince Edward County, VA | Metro: Richmond, VA HUD Metro FMR Area
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 | $1,300 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,300 |
| 5 Bedrooms | $2,668 |
| 6 Bedrooms | $2,988 |
| 7 Bedrooms | $3,227 |
| 8 Bedrooms | $3,388 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,870 | $286,020 | 0.65% | D |
U.S. Census Bureau data (2024)
The ZIP code 23966 presents a dynamic rental market that is indicative of strong tenant demand. With a Fair Market Rent (FMR) of $1210 for the fiscal year 2024, it significantly exceeds the reported market rent of $1,019 based on Census ACS data. This gap suggests that there is a notable discrepancy between what the government deems a fair rent and the actual rents being charged, implying that the market may be experiencing upward pressure on rental rates.
The median home value in ZIP 23966 is $239,602. Given the relatively lower market rent compared to the FMR, it indicates that owning a home might be more affordable than renting, which could explain why only 41.5% of residents are renters. However, this high percentage of renters also points to a significant portion of the population that is likely to remain in the rental market due to financial constraints or preference, contributing to sustained long-term housing pressure.
The fact that the data does not provide a percentage of price-cut share or days on market (DOM) makes it challenging to determine whether supply currently outpaces demand or vice versa. However, the high renter share and the disparity between FMR and market rent suggest that demand for rental properties is robust, possibly outstripping supply. Landlords and small-portfolio investors should consider these factors when setting their rental prices and managing their properties, ensuring they align with both government guidelines and market realities to attract tenants effectively.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.