Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,400 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $2,190 |
| 4 Bedrooms | $2,580 |
| 5 Bedrooms | $2,993 |
| 6 Bedrooms | $3,352 |
| 7 Bedrooms | $3,620 |
| 8 Bedrooms | $3,801 |
The ZIP code 23431 in Virginia Beach-Norfolk-Newport News County stands out due to limited available data. The lack of specific figures regarding the number of residents, percentage of renters, median income, and median home value indicates a less detailed profile compared to other areas.
Despite the incomplete demographic snapshot, the voucher economics provide a clearer picture. For fiscal year 2024, the Fair Market Rent (FMR) for ZIP 23431 is set at $1430. This figure serves as a benchmark for rental assistance under the Section 8 program but does not reflect the current market rates, which are also marked as N/A. Landlords should note that while the FMR offers a guideline for rent, the actual market rates can vary and should be monitored closely.
Given the absence of definitive economic indicators, it's challenging to label ZIP 23431 as either stable or transitional. However, the reliance on FMR data suggests that there might be a need for consistent rental support, hinting at potential economic variability among tenants. For small-portfolio investors and landlords, understanding the dynamics of rental assistance and how it fits into the broader local housing market is crucial.
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.