Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,160 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,820 |
| 4 Bedrooms | $2,150 |
| 5 Bedrooms | $2,494 |
| 6 Bedrooms | $2,793 |
| 7 Bedrooms | $3,016 |
| 8 Bedrooms | $3,167 |
U.S. Census Bureau data (2024)
The ZIP code 23021 is not suitable for focusing on Section 8 tenants due to its demographic characteristics. With a population of 19, it's evident that the number of potential renters is extremely limited. The data shows that 0.0% of the residents are renters, indicating that this area is predominantly owner-occupied. This low percentage of renters suggests that there is little to no demand for rental properties supported by Section 8 housing vouchers.
Given the lack of information on median household income and market rent, it's challenging to provide a direct comparison to the Fair Market Rent (FMR) of $1200 for FY 2024. However, the scarcity of renters implies that even if the income levels were known, the proportion of local income spent on rent would likely be minimal for the few who might rent.
A landlord in ZIP 23021 should not expect a high volume of Section 8 tenants. The area's characteristics point towards a very niche market for rentals, if any at all. Landlords looking to attract tenants in this ZIP should focus on other sources of rental income rather than relying on Section 8 vouchers, as the tenant pool is expected to be small and unlikely to include many voucher holders.
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.