Section 8 Fair Market Rent (FMR) for ZIP 23050 - 2027

Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

437

Median Household Income

$39,439

Housing Units

312

Renter Percentage

3.3%

Occupancy Rate

77.9%

Renter Occupied

The ZIP code 23050, located in the heart of Virginia, offers a unique blend of suburban charm and urban convenience, making it a desirable location for both residents and investors. The area is characterized by its moderate housing prices and a growing interest in rental properties, particularly among those seeking affordable living options.

The Fair Market Rent (FMR) for ZIP 23050 in fiscal year 2024 is set at $1200, providing a benchmark for rental pricing that reflects the local cost of living.
The median home value in the area stands at $343,561, indicating a relatively stable and modest housing market.
Renters make up only 3.3% of the population in ZIP 23050, suggesting that the majority of residents prefer homeownership over renting.
The median income for residents is $39,439, which is below the national average, highlighting the need for affordable housing options.
The Days on Market (DOM) figure is currently unavailable, but this metric typically indicates how quickly homes are sold in the area.
The lack of specific data on market rent suggests either limited availability or a nascent rental market, which could present opportunities for early entrants.

For investors, the low renter share and median income figures indicate that the demand for rental properties is relatively low compared to other areas. However, the established FMR and median home values provide a solid foundation for pricing and valuing potential investments. Given the modest housing costs and the area's appeal, there remains a niche opportunity for investors who can cater to the needs of renters looking for affordable options. Entering the rental market in ZIP 23050 could be advantageous if you target the specific needs of this demographic, ensuring your properties offer good value for money.

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.