Location: Charlotte County, VA | Metro: Charlotte County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
U.S. Census Bureau data (2024)
The ZIP code 23967 presents an interesting mix for landlords and small-portfolio investors looking into Section 8 tenant pools. With a population of 1,495, it has a relatively modest size but still maintains a significant rental presence, with 21.8% of residents being renters. This percentage indicates that while the area isn't dominated by renters, there is a notable demand for rental properties.
The median household income in this ZIP code stands at $73,264, which provides a solid baseline for assessing the affordability of rents. However, the specific market rent figures are not available, making direct comparisons challenging. Despite this, we can look at the Fair Market Rent (FMR) as a benchmark. The FMR for this area is set at $1,120 per month for FY 2026, reflecting the metro level standards.
To contextualize the FMR against the local income, let's calculate. At $1,120 per month, the typical rent would consume approximately 17.7% of the median household income. This is based on the annual income figure, assuming the household uses 30% of its income for housing, a common guideline. Given that the median income is higher than the FMR, it suggests that the majority of residents could afford market rent without assistance.
However, the presence of Section 8 tenants, who rely on housing vouchers, is still relevant. Landlords in 23967 should anticipate tenants whose incomes are significantly lower than the median, likely qualifying them for voucher assistance. These tenants will have their rent subsidized up to the FMR level of $1,120, depending on the specifics of their voucher and the number of individuals in their household.
In summary, ZIP 23967 is neither heavily dominated by homeowners nor by renters, falling somewhere in between. The income levels suggest a strong ability to pay market rent, but Section 8 tenants represent a segment of the market that relies on subsidies to meet their housing needs. Landlords should be prepared to accommodate tenants with incomes around 30% to 50% of the median, who are most likely to benefit from and use Section 8 vouchers.
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.