Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Richmond, VA 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 | $1,490 |
| 1 Bedroom | $1,540 |
| 2 Bedrooms | $1,690 |
| 3 Bedrooms | $2,150 |
| 4 Bedrooms | $2,610 |
| 5 Bedrooms | $3,028 |
| 6 Bedrooms | $3,391 |
| 7 Bedrooms | $3,662 |
| 8 Bedrooms | $3,845 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,690 | $311,256 | 0.54% | F |
| 3BR | $2,150 | $439,056 | 0.49% | F |
| 4BR | $2,610 | $646,329 | 0.4% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 23089 (Lanexa, VA) does not favor landlords. The Fair Market Rent (FMR) set at $1400 for the fiscal year 2024 exceeds the actual market rent, which stands at $1,298 according to Census ACS data. This discrepancy suggests that landlords might struggle to charge the higher FMR rate without facing significant vacancy risks.
Acquisition in this area is not particularly affordable. With a median home value of $438,025, potential investors face high upfront costs. The lack of available data on days on market (DOM) and the percentage of homes that have been listed with a price cut indicates an uncertain landscape for property acquisition. Without these metrics, it's difficult to assess the ease or speed of selling properties at a profit.
Tenant demand is relatively low in ZIP 23089. The area has a population of 4,831, with only 10.4% of residents being renters. This small share of renters implies limited interest in leasing properties, which could result in prolonged vacancies and difficulty in finding suitable tenants.
Based on the analysis, ZIP 23089 presents challenges for landlords and small-portfolio investors. The mismatch between FMR and market rent, coupled with the high median home value and low renter share, suggests that the area may not be financially viable for rental investments. Landlords should proceed with caution and consider other factors such as local employment trends and economic stability before committing to investments in this ZIP code.
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.