Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,870 |
| 1 Bedroom | $1,890 |
| 2 Bedrooms | $2,120 |
| 3 Bedrooms | $2,920 |
| 4 Bedrooms | $3,450 |
| 5 Bedrooms | $4,002 |
| 6 Bedrooms | $4,482 |
| 7 Bedrooms | $4,841 |
| 8 Bedrooms | $5,083 |
U.S. Census Bureau data (2024)
ZIP code 23322 in Chesapeake, Virginia, encompasses the Grassfield and Great Bridge areas, widely recognized for their suburban character and family-friendly atmosphere. This region is defined by spacious single-family homes and a strong sense of community, distinct from the higher-density urban centers of the broader metro area. A major economic driver here is the Chesapeake Regional Medical Center, which serves as a key employer and stabilizes the local economy with steady healthcare jobs. The neighborhood is characterized by well-maintained parks and extensive waterways, reinforcing its reputation as a desirable residential enclave.
From an investment standpoint, the numbers reveal a tight spread for voucher programs. The HUD FY2026 Fair Market Rent for a 2-bedroom unit is set at $2,290, which trails the current Zillow market rent estimate of $2,340 by a modest $50 per month. This narrow gap of $50 indicates that Section 8 payments cover nearly the full market rate, minimizing potential revenue loss. However, entry costs are substantial, with a median home value of $549,232 and a median 2BR sale price of $297,563. Properties are moving at a moderate pace, sitting on the market for a median of 55 days.
The tenant profile in 23322 is unique due to the exceptionally low renter share of 9.9% and a high median household income of $134,880. This demographic suggests that the rental pool consists largely of high-quality tenants who may be temporarily renting or waiting to buy, rather than long-term income-restricted households. The area is served by top-rated schools within the Chesapeake Public School system, which is a significant draw for families. While public transit options are limited compared to the urban core, the neighborhood’s amenities and school district drive consistent demand for quality housing.
The Section 8 verdict for 23322 leans heavily toward appreciation and stability rather than aggressive cash flow. The negligible gap between the $2,290 FMR and $2,340 market rent means investors won't sacrifice income to accept vouchers, but the high asset prices ($549,232 median value) compress yields. The strongest angle here is betting on long-term capital growth in a high-income, low-renter-density area where voucher holders are likely to be stable, employed tenants drawn by the excellent schools.
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.