Section 8 Fair Market Rent (FMR) for ZIP 23109 - 2027

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

Investment Score for ZIP 23109

N/A

Monthly Rent (2BR)

$1,240

Median Price (2BR)

$N/A

1% Rule

Annual Yield

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,090
1 Bedroom	$1,110
2 Bedrooms	$1,240
3 Bedrooms	$1,710
4 Bedrooms	$2,020
5 Bedrooms	$2,343
6 Bedrooms	$2,624
7 Bedrooms	$2,834
8 Bedrooms	$2,976

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$1,710	$362,190	0.47%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,327

Median Household Income

$79,196

Housing Units

1,174

Renter Percentage

22.3%

Occupancy Rate

82.7%

Renter Occupied

217

ZIP code 23109 is situated within the Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area. Its Fair Market Rent (FMR) for Fiscal Year 2024 is set at $1200, which is notably higher than the median market rent of $859. This suggests that the rental market in 23109 is relatively strong compared to other areas within the same metro region.

The median home value in 23109 stands at $331,413, which is above the average for the broader metro area. However, the renter share of 22.3% is indicative of a mixed occupancy pattern, with a significant portion of residents being renters. This combination of factors—higher FMR and market rent, along with a substantial renter population—implies that 23109 could be a prime location for landlords and small-portfolio investors looking to capitalize on the rental market dynamics.

To further contextualize, let's consider what these figures mean for the real estate investment landscape:

Fair Market Rent: The $1200 FMR is a benchmark used by the U.S. Department of Housing and Urban Development (HUD) to determine eligibility for housing assistance programs such as Section 8. Landlords in 23109 can expect to charge rents close to this figure for units that qualify under Section 8.
Market Rent: At $859, the market rent is lower than the FMR, indicating that there might be opportunities for landlords to increase their rental income if they align their pricing with the HUD guidelines. This could be particularly beneficial for those participating in Section 8.
Home Value: The median home value of $331,413 places 23109 in a segment of the market that is slightly more expensive than the overall metro average. This could attract investors seeking properties with potential for appreciation and higher rental yields.
Renter Share: With a 22.3% renter share, 23109 has a notable percentage of residents who prefer or require renting over owning. This high renter share combined with a below-average home value relative to the FMR suggests that 23109 could be an attractive spot for Section 8 participants. It represents a balance between affordability and demand, potentially making it a value pocket for investors focused on the subsidized housing market.

In summary, ZIP code 23109 presents itself as a mid-tier neighborhood within the Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area, offering a mix of opportunities and challenges for real estate investors. The higher FMR and market rent, coupled with a significant renter share and above-average home values, suggest that it could be a strategic location for those interested in the rental market, especially with Section 8 involvement.

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.