Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,810 |
| 1 Bedroom | $1,830 |
| 2 Bedrooms | $2,050 |
| 3 Bedrooms | $2,830 |
| 4 Bedrooms | $3,330 |
| 5 Bedrooms | $3,863 |
| 6 Bedrooms | $4,327 |
| 7 Bedrooms | $4,673 |
| 8 Bedrooms | $4,907 |
The economics of Section 8 housing in ZIP code 23090, located in Virginia Beach-Norfolk-Newport News County, Virginia, are straightforward. For fiscal year 2024, the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code is set at $1860. This figure represents the maximum amount that the government will pay towards rent for a unit deemed suitable under the program.
To understand the actual payment structure, it's important to break down the components involved. A Section 8 voucher typically covers the difference between what a low-income tenant can afford and the rent of the unit. The tenant portion is generally calculated as 30% of their adjusted monthly income. Additionally, there are utility allowances which vary but are designed to help cover the cost of utilities.
Let's assume a tenant's adjusted monthly income is $1200. At 30%, they would contribute $360 towards rent. If we include an average utility allowance of $200, the total contribution from the tenant would be $560. Therefore, the government would reimburse the landlord the remaining amount up to the SAFMR cap of $1860. In this scenario, the reimbursement would be $1300.
This leaves a reimbursement gap for the landlord. Given the SAFMR of $1860, if the local market rent were higher than this amount, the landlord would have to accept a lower rent than the market rate. However, since the local market rent is listed as N/A, we cannot calculate the exact gap or surplus. Typically, landlords aim to price their units close to the SAFMR to minimize financial loss while ensuring compliance with the program.
In conclusion, for a two-bedroom apartment in ZIP 23090, landlords should expect a reimbursement of up to $1860 per month from the government. Any additional rent beyond this amount must be covered by the tenant. Due to the lack of specific local market rent data, the precise gap or surplus cannot be determined, but it is clear that landlords must price their units strategically to align with the SAFMR to avoid financial discrepancies.
Data Sources: FMR data from HUD (2027).
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.