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 | $1,740 |
| 1 Bedroom | $1,760 |
| 2 Bedrooms | $1,970 |
| 3 Bedrooms | $2,720 |
| 4 Bedrooms | $3,200 |
| 5 Bedrooms | $3,712 |
| 6 Bedrooms | $4,157 |
| 7 Bedrooms | $4,490 |
| 8 Bedrooms | $4,715 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,760 | $185,862 | 0.95% | C |
| 2BR | $1,970 | $237,324 | 0.83% | C |
| 3BR | $2,720 | $344,635 | 0.79% | D |
| 4BR | $3,200 | $476,305 | 0.67% | D |
| 5BR | $3,712 | $692,504 | 0.54% | F |
U.S. Census Bureau data (2024)
1720 is the Fair Market Rent (FMR) for ZIP 23453 in Virginia Beach, VA, for fiscal year 2024. This figure represents the upper limit for rental costs under the Section 8 program. Meanwhile, the actual market rent, known as ZORI, stands at 1841, indicating a slight premium over the government-set rate. The median home value in the area is 372281, reflecting a robust housing market where properties retain significant value. With a 31.2% share of renters, the demand for rental units is notable but does not dominate the market, suggesting stability. The median income in ZIP 23453 is 93838, which provides insight into the economic capacity of residents to afford housing. Properties in this region typically spend 25 days on the market before being rented, showing an efficient leasing process. The 0.1% price-cut share reveals that landlords rarely need to reduce their asking prices, further underscoring the strength of the local rental market.
In summary, landlords and small-portfolio investors in Virginia Beach, VA, can expect to operate in a market where the demand for rentals is steady, and property values remain high. While the Section 8 FMR is set at 1720, the actual market rent slightly exceeds this, offering landlords a competitive edge. The low price-cut share indicates a favorable environment for maintaining rental rates without significant adjustments. Given these factors, investing in Section 8 properties in ZIP 23453 appears to be a sound strategy, particularly for those seeking stable returns with minimal risk of vacancy or price reduction.
Section 8 Verdict: Favorable
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.