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 | $1,170 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,810 |
| 4 Bedrooms | $2,130 |
| 5 Bedrooms | $2,471 |
| 6 Bedrooms | $2,768 |
| 7 Bedrooms | $2,989 |
| 8 Bedrooms | $3,138 |
The economics of Section 8 in ZIP code 23184, located in Virginia Beach-Norfolk-Newport News County, VA, operate based on specific financial guidelines designed to ensure affordability for tenants while providing reasonable compensation for landlords. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) is set at $1310 per month for fiscal year 2024. This SAFMR is established specifically for this ZIP code, reflecting the localized rental market conditions.
A Section 8 voucher works by covering the difference between what a low-income family can afford and the actual cost of rent. The tenant's portion is generally 30% of their adjusted monthly income, which varies depending on the individual’s earnings. If we assume an average household income of $20,000 annually, the monthly income would be approximately $1667, making the tenant's portion roughly $500 per month.
The remaining amount is covered by the housing authority up to the SAFMR limit. In the case of ZIP 23184, this means the housing authority would pay the landlord $810 per month ($1310 - $500) to cover the tenant's share of the rent. Additionally, there are utility allowances that vary by location but typically range from $200 to $300 per month. Assuming a $250 utility allowance, the total reimbursement a landlord could expect from a Section 8 voucher would be $1060 per month ($810 + $250).
This leaves a significant gap between the SAFMR and the actual reimbursement received. For a landlord renting out a two-bedroom unit at the SAFMR rate of $1310, the shortfall would be $250 per month ($1310 - $1060). This is the typical reimbursement gap for a two-bedroom voucher in ZIP 23184.
In summary, landlords in ZIP 23184 should anticipate a reimbursement of around $1060 for a two-bedroom apartment when using a Section 8 voucher, given a standard utility allowance and an average tenant contribution. This results in a consistent gap of $250 below the SAFMR, which landlords must account for in their financial planning.
Data Sources: FMR data from HUD (2027).
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.