Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC 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 | $1,160 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,820 | $389,942 | 0.47% | F |
U.S. Census Bureau data (2024)
ZIP code 23035 is situated within the Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1200. While the market rent for this specific ZIP is not available, we can infer some details based on the other metrics provided.
The median home value in ZIP 23035 is $351,940, which places it squarely within the range of typical home values found in the broader metro area. The 17.1% renter share is notable, indicating that a significant portion of residents prefer renting over owning their homes. This characteristic often aligns with areas that have a higher concentration of Section 8 housing vouchers.
To determine if ZIP 23035 represents a value pocket, a mid-tier neighborhood, or a premium sub-market within the metro, we need to consider the relationship between its FMR and home values. The FMR of $1200 suggests that rental properties within this ZIP are likely priced competitively for the local market, making it accessible for renters who receive housing assistance. However, the lack of direct market rent data makes it challenging to draw a definitive conclusion about its rental market dynamics relative to the metro average.
Given the median home value and the substantial renter share, ZIP 23035 could be considered a value pocket within the metro. A high renter share combined with home values that are not significantly above the metro average often indicates a sweet spot for Section 8 investors. This ZIP presents an opportunity where rental income can be consistent due to the availability of housing vouchers, while property values remain reasonable compared to the overall market.
Landlords and small-portfolio investors should take note of these figures. With an FMR of $1200 and a median home value of $351,940, there is potential for stable rental income and reasonable property appreciation within ZIP 23035. The high renter share further supports the attractiveness of this ZIP for those interested in Section 8 properties.
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.