Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,310 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $2,100 |
| 4 Bedrooms | $2,490 |
| 5 Bedrooms | $2,888 |
| 6 Bedrooms | $3,235 |
| 7 Bedrooms | $3,494 |
| 8 Bedrooms | $3,669 |
U.S. Census Bureau data (2024)
1630 is the Fair Market Rent (FMR) for ZIP code 23138 as of fiscal year 2024, providing a benchmark for rental properties in the area. 329084 represents the median home value, indicating the typical cost of homeownership in this region. 10.3% is the share of renters in the area, which is relatively low compared to national averages, suggesting a higher concentration of homeowners. 78475 is the median income figure for the ZIP code, reflecting the financial capability of residents to afford housing costs. Despite the lack of specific data on days on market (DOM) and the percentage of price-cut shares, these figures can still inform investment decisions.
The absence of market rent data does not diminish the importance of the FMR, which stands at $1630. This figure is crucial for landlords participating in the Section 8 program, ensuring they receive fair compensation for their properties. The median home value of $329,084 suggests a stable real estate market, where property values have likely remained consistent over time. With a median income of $78,475, there is a reasonable economic base supporting the local housing market, although the low renter share of 10.3% indicates that many residents prefer owning their homes over renting.
The lack of detailed market performance metrics such as DOM and price-cut shares means that investors must rely on broader economic indicators and the stability suggested by the median home value. However, the clear data on FMR and median income provides a solid foundation for understanding the rental market's potential.
Based on the available data, landlords and small-portfolio investors should consider the ZIP 23138 area for Section 8 participation, given the alignment between the FMR and the local economic conditions. The verdict for Section 8 in ZIP 23138 is positive, with a strong basis for setting competitive rental rates that comply with government guidelines while also reflecting the local economy.
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.