Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,420 |
| 1 Bedroom | $1,440 |
| 2 Bedrooms | $1,620 |
| 3 Bedrooms | $2,230 |
| 4 Bedrooms | $2,630 |
| 5 Bedrooms | $3,051 |
| 6 Bedrooms | $3,417 |
| 7 Bedrooms | $3,690 |
| 8 Bedrooms | $3,875 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 23304 in fiscal year 2024 is set at $1430. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It is important to note that this is not the actual rent you will receive; it is the payment standard used by the program to determine the subsidy amount.
To put this into perspective, the local median rent for ZIP 23304 is currently N/A. This means that the FMR of $1430 is the benchmark against which the housing authority will evaluate your property's rent. If your rent exceeds this amount, the tenant will be responsible for paying the difference out-of-pocket.
The renter share in this area stands at 38.1%, indicating a strong demand for rental properties among lower-income households. This percentage reflects the proportion of renters who might benefit from the Section 8 program, making it a significant factor in determining the potential occupancy rate for your property.
Regarding the acquisition cost of properties in this ZIP code, the average price is N/A. While this information is not available, it is crucial to ensure that your property's value aligns with the FMR to avoid overpricing and to maintain compliance with the program.
Before proceeding with a Section 8 rental in ZIP 23304, verify that your property meets all the necessary inspection criteria. The housing authority will conduct an inspection to ensure that the property is safe, decent, and sanitary. Failure to meet these standards can result in disqualification from the program.
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.