Section 8 Fair Market Rent (FMR) for ZIP 23459 - 2027

Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,630
1 Bedroom	$1,640
2 Bedrooms	$1,840
3 Bedrooms	$2,540
4 Bedrooms	$3,000
5 Bedrooms	$3,480
6 Bedrooms	$3,898
7 Bedrooms	$4,210
8 Bedrooms	$4,421

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,324

Median Household Income

$N/A

Housing Units

Renter Percentage

N/A

Occupancy Rate

N/A

Renter Occupied

The ZIP code 23459, located in Virginia, presents a unique opportunity for real-estate investors interested in the Section 8 housing market. The area is characterized by a blend of suburban and rural features, offering potential for steady rental income through government-assisted programs.

The Fair Market Rent (FMR) for ZIP 23459 for fiscal year 2024 is set at $2170. This figure represents the maximum amount that a Section 8 tenant can pay for rent, making it a critical benchmark for pricing properties.
Market rent data is currently unavailable for ZIP 23459. This absence highlights the need for landlords to closely monitor local trends and adjust their rates according to the FMR to remain competitive and attractive to Section 8 tenants.
The median home value is also not available, indicating a lack of recent sales data which could be due to low turnover rates or a predominantly rental market.
Renter share data is not available, suggesting that the percentage of residents who rent versus own may be significant but requires further investigation to understand the demand for rental properties.
The Days on Market (DOM) is not available, which typically indicates how long homes stay on the market before selling. This metric is crucial for understanding the speed at which properties move and can affect investment decisions.
Median income data is not available, though it is important for assessing the economic stability and purchasing power of the local population, which can influence the success of rental properties.

Given the data points available, landlords and small-portfolio investors should focus on setting competitive rental prices around the FMR of $2170. The lack of specific market data suggests a niche market where Section 8 vouchers play a significant role. Investors should be prepared to conduct thorough local research to fill in the gaps regarding median home values, renter shares, DOM, and median incomes. Despite these unknowns, the established FMR provides a solid foundation for pricing strategies, ensuring compliance with federal guidelines and maximizing the likelihood of attracting stable tenants.

Data Sources: FMR data from HUD (2027). 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.