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 | $1,160 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,820 |
| 4 Bedrooms | $2,140 |
| 5 Bedrooms | $2,482 |
| 6 Bedrooms | $2,780 |
| 7 Bedrooms | $3,002 |
| 8 Bedrooms | $3,152 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,820 | $401,104 | 0.45% | F |
U.S. Census Bureau data (2024)
The ZIP code 23128 presents a unique challenge when analyzing rental affordability due to limited data on median income and market rates. However, with the Fixed Monthly Rent (FMR) set at $1220 for fiscal year 2024, we can draw some conclusions.
Affordability in 23128 is difficult to gauge without a clear median income figure, but it's evident that the rental market is relatively sparse given the low percentage of renters at 8.3% and a modest total population of 367. This suggests that competition among landlords could be fierce, as there are fewer potential tenants relative to the housing stock available.
The FMR of $1220 serves as a benchmark for voucher payments, which means that households utilizing vouchers will have a set amount to spend on rent. If the market rate exceeds this amount, landlords may find themselves in a position where accepting vouchers limits their ability to charge higher rents. Conversely, if the market rate is lower than the FMR, landlords might benefit from renting to voucher holders, as they can receive a payment closer to the higher FMR standard.
The scarcity of renters in such a small population area implies that landlords should consider the benefits and drawbacks of both voucher and cash-paying tenants. Vouchers provide a guaranteed income stream based on the $1220 FMR, reducing the risk of non-payment and ensuring a steady flow of rent. On the other hand, cash-paying tenants might offer flexibility in terms of rent collection and potentially higher rates if the market allows.
Takeaway: For landlords in ZIP 23128, understanding the local rental dynamics is crucial. Given the low number of renters, competition is likely high, making it important to weigh the advantages of voucher stability against the potential for higher market rates from cash-paying tenants. Landlords should also be prepared to adapt their strategy based on the actual market conditions, which may vary significantly from the FMR benchmark.
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.