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 | $1,030 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $1,900 |
| 5 Bedrooms | $2,204 |
| 6 Bedrooms | $2,468 |
| 7 Bedrooms | $2,665 |
| 8 Bedrooms | $2,798 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,170 | $258,664 | 0.45% | F |
| 3BR | $1,610 | $353,871 | 0.45% | F |
| 4BR | $1,900 | $456,721 | 0.42% | F |
U.S. Census Bureau data (2024)
In ZIP code 23062, which encompasses Gloucester Point, VA, in Gloucester County, the economics of Section 8 housing vouchers can be explained using the SAFMR (Small Area Fair Market Rent) rates. For a two-bedroom apartment, the SAFMR for FY 2024 is set at $1200. This figure is specifically tailored to this ZIP code, reflecting the local rental market conditions more accurately than broader regional averages.
The local market rent for a two-bedroom unit, according to Census ACS data, stands at $1,004. This indicates that the SAFMR rate is higher than the average market rent, which can be beneficial for landlords participating in the Section 8 program. However, understanding exactly how much a voucher pays requires breaking down the components of the reimbursement.
A Section 8 voucher pays the difference between the SAFMR and the tenant's portion of the rent, plus any utility allowances. The tenant's portion is typically 30% of their adjusted income. Assuming an average tenant income of $1,500 per month, the tenant would pay approximately $450 towards the rent. With the SAFMR at $1200, the voucher would cover the remaining $750.
Utility allowances vary but generally range from $100 to $300 per month depending on the specific needs and circumstances of the tenant. If we take a conservative estimate of $200 for utilities, the total reimbursement to the landlord would be around $950 ($750 for rent + $200 for utilities).
This means that even though the SAFMR is $1200, landlords should expect to receive less due to the tenant's contribution and the utility allowance. In comparison to the local market rent of $1,004, landlords would still see a slight surplus when renting to a tenant with a voucher. The reimbursement gap or surplus for a two-bedroom unit in ZIP 23062 is approximately $54 per month, assuming the average market rent and the conservative utility allowance.
To summarize, landlords in ZIP 23062 can expect a Section 8 voucher to pay about $950 per month for a two-bedroom apartment, leading to a surplus of $54 over the average market rent of $1,004. This makes participating in the Section 8 program financially viable, especially considering the security and stability it offers in terms of timely rent payments.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.