Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,680 |
| 1 Bedroom | $1,700 |
| 2 Bedrooms | $1,900 |
| 3 Bedrooms | $2,620 |
| 4 Bedrooms | $3,090 |
| 5 Bedrooms | $3,584 |
| 6 Bedrooms | $4,014 |
| 7 Bedrooms | $4,335 |
| 8 Bedrooms | $4,552 |
ZIP code 23450, located within the Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area, has a Fair Market Rent (FMR) of $1700 for fiscal year 2024. This figure is key for landlords and small-portfolio investors interested in the area's rental market dynamics.
While specific market rent and home value data for ZIP 23450 are not available, we can infer its position relative to other ZIP codes within the same metro area based on the FMR alone. The FMR is used by the U.S. Department of Housing and Urban Development (HUD) to determine payment standards for housing assistance programs such as Section 8. In the broader Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area, FMRs typically range according to the type of dwelling and family size, but ZIP 23450's FMR of $1700 suggests it is likely a mid-tier neighborhood. This is because it falls within a reasonable middle range of FMRs across the metro, neither being at the lower end which would indicate a value pocket nor at the higher end which would suggest a premium sub-market.
The lack of data on market rent and home values makes it challenging to provide a complete picture. However, if the renter share percentage were significantly higher than the metro average and home values were notably lower, this could signal a potential sweet spot for Section 8 properties. Unfortunately, without specific figures, we cannot make this determination for ZIP 23450.
To accurately assess whether 23450 represents a value pocket, a mid-tier neighborhood, or a premium sub-market within the larger metro area, additional data on local market rents and home values would be necessary. Landlords and investors should consider conducting a more detailed analysis or consulting local real estate agents for comprehensive insights into the area's rental and property markets.
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.