Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,810 |
| 1 Bedroom | $1,830 |
| 2 Bedrooms | $2,050 |
| 3 Bedrooms | $2,830 |
| 4 Bedrooms | $3,330 |
| 5 Bedrooms | $3,863 |
| 6 Bedrooms | $4,327 |
| 7 Bedrooms | $4,673 |
| 8 Bedrooms | $4,907 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,050 | $284,552 | 0.72% | D |
| 3BR | $2,830 | $377,843 | 0.75% | D |
| 4BR | $3,330 | $485,085 | 0.69% | D |
| 5BR | $3,863 | $628,146 | 0.61% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 23435 in Suffolk, Virginia, for fiscal year 2024 is set at $1,900. This figure represents the maximum amount that landlords can charge as a portion of the tenant's income for a Section 8 rental unit. It is important to note that this is not the rent you will receive; rather, it is the payment standard used by the housing authority to determine the subsidy amount.
To put this into perspective, the Zillow Observed Rent Index (ZORI), which reflects the average rent paid by tenants in the area, stands at $2,076. This indicates that the market rent slightly exceeds the FMR, suggesting that landlords participating in Section 8 might have lower rents compared to non-participating rentals.
The 31.2% renter share in the area means that over three out of ten households are renters. This highlights a significant demand for rental properties, including those under the Section 8 program. Given the substantial number of renters, there is a good chance of finding qualified tenants who would benefit from this housing assistance.
If you are considering purchasing a property to use as a Section 8 rental, the median home value of $449,720 provides a benchmark for acquisition costs. This price point reflects the typical investment required to enter the market in ZIP 23435.
Before proceeding, it is crucial to verify that your potential property meets the Housing Quality Standards (HQS) set by the Department of Housing and Urban Development (HUD). These standards ensure that the property is safe, decent, and sanitary for tenants. A thorough inspection and any necessary repairs to meet these standards should be completed before applying to the Section 8 program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.