Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,160 |
| 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 |
U.S. Census Bureau data (2024)
The ZIP code 23119 presents an interesting scenario for both renters and landlords alike. The median household income in this area stands at $67,083, which provides a baseline for understanding the financial capacity of potential tenants.
Unfortunately, the market rate for rent is listed as N/A, indicating a lack of comprehensive data on typical rental costs. However, we do know the Fair Market Rent (FMR) as determined by housing vouchers for fiscal year 2024 is set at $1200. This figure serves as a benchmark for affordable housing standards in the area.
Given the limited population of 284 individuals and the fact that 0.0% of them are renters, it's clear that the rental market in ZIP 23119 is extremely thin. The absence of renters suggests that either homeownership is predominant, or there simply isn't much rental property available.
The affordability gap becomes evident when comparing the median income to the FMR. A household earning the median income of $67,083 would have a monthly income of approximately $5,590. At first glance, this might seem sufficient to cover a $1200 rent payment. However, the broader context of expenses and living costs must be considered to fully assess affordability.
For landlords and small-portfolio investors looking to navigate the voucher versus cash-pay strategies, the data points towards a cautious approach. Given the low number of renters and the limited market data, securing tenants who can pay cash may be challenging due to the overall scarcity of rental units and potential competition from homeowners.
The takeaway for landlords is to consider the reliability and consistency that housing vouchers can offer. While the voucher payment standard of $1200 may seem lower compared to what could potentially be charged in a robust rental market, the guarantee of timely payments and reduced vacancy rates could outweigh the benefits of pursuing higher-paying, but less reliable, cash-paying tenants. In ZIP 23119, where the rental market is underdeveloped, leveraging the voucher system might be a strategic move to ensure steady occupancy and income.
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.