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)
The ZIP code 23163 presents an interesting mix of yield and stability factors that are crucial for landlords and small-portfolio investors. With a Fair Market Rent (FMR) of $1,630 for fiscal year 2024, the rental yield in this area is notable, especially considering there is no available data on market rates or home values. This suggests that the FMR provides a solid benchmark for potential rental income.
On the stability front, 23163 has a significant portion of its population as renters at 32.4%. This indicates a stable demand for rental properties, which can be beneficial for long-term investments. However, the lack of data on days-on-market (DOM) and home values makes it challenging to fully assess the stability of property flips or the resale market. The median household income in this ZIP is $51,818, which is a key indicator of economic stability and the ability of residents to pay rent consistently.
Given the specific figures, 23163 leans towards being a steady-cashflow zone rather than a high-yield/low-stability flip-style market. The strong rental yield based on the FMR and the substantial percentage of renters suggest a reliable source of income. The median income figure supports the notion that tenants can afford to pay the rent, thereby contributing to the overall stability of the rental market. While the absence of some data points means we cannot make a definitive assessment, the available information points towards a market where maintaining a portfolio of rental properties could be a sound strategy.
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.