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 23045 stands out due to its extremely low population density, with only 25 residents recorded. This makes it unique among other ZIP codes, as there is a complete absence of rental properties, indicated by the 0.0% renting statistic. The lack of data for median income and median home value further emphasizes the scarcity of residential activity in this area.
Moving onto the voucher economics, the Fair Market Rent (FMR) for ZIP 23045 for fiscal year 2024 is set at $1200. Given the absence of any market rent data, the FMR serves as the primary reference point for understanding the rental landscape. However, the limited resident population suggests that demand for housing vouchers might be minimal, which could affect the utilization rates and overall economic impact of the Section 8 program in this ZIP code.
Based on the available data, the ZIP code 23045 appears to be stable rather than transitional. The static nature of its demographics and the absence of significant rental market activity imply a consistent environment without notable changes or fluctuations. For landlords and small-portfolio investors considering this area, the extremely low population and the non-existent rental market should be taken into account when evaluating potential investment opportunities.
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.