Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,520 |
| 1 Bedroom | $1,530 |
| 2 Bedrooms | $1,720 |
| 3 Bedrooms | $2,370 |
| 4 Bedrooms | $2,800 |
| 5 Bedrooms | $3,248 |
| 6 Bedrooms | $3,638 |
| 7 Bedrooms | $3,929 |
| 8 Bedrooms | $4,125 |
To integrate ZIP 23439 into a Section 8 portfolio strategy, consider it primarily as a cash-flow anchor. The Fair Market Rent (FMR) for ZIP 23439 in fiscal year 2024 is set at $1570 for a two-bedroom apartment. This figure is crucial because it represents the maximum amount that the federal government will subsidize for rental units under the Section 8 program.
The lack of specific market data such as median home values and rental prices suggests that this area might be less competitive compared to other markets. However, the guaranteed rental income through the Section 8 program can serve as a stable base for your portfolio. Landlords who participate in this program can rely on consistent payments, which are typically lower risk due to the government's involvement.
While there is no data available regarding the price-cut share or days on market (DOM), these metrics usually indicate the speed at which properties sell or the adjustments needed to attract buyers. In the absence of these figures, it's reasonable to assume that ZIP 23439 may offer slower appreciation but steady occupancy rates, which is ideal for an anchor property in a diversified investment strategy.
The median income data being unavailable also means we cannot accurately assess the percentage of renters relying on Section 8 vouchers. Nonetheless, the fact that the FMR is established indicates that there is a demand for subsidized housing in this area, making it a reliable source of tenants. This reliability translates into a dependable cash flow, which is essential for maintaining the financial health of your overall investment portfolio.
In conclusion, ZIP 23439 serves best as a cash-flow anchor within a Section 8 portfolio strategy. The guaranteed $1570 per month for a two-bedroom unit provides a solid foundation for long-term financial stability, especially when other parts of your portfolio may experience fluctuations in rental income or market value.
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.