Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,690 |
| 1 Bedroom | $1,710 |
| 2 Bedrooms | $1,920 |
| 3 Bedrooms | $2,640 |
| 4 Bedrooms | $3,110 |
| 5 Bedrooms | $3,608 |
| 6 Bedrooms | $4,041 |
| 7 Bedrooms | $4,364 |
| 8 Bedrooms | $4,582 |
U.S. Census Bureau data (2024)
The ZIP code 23460, located within the Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area, serves as a critical component in a Section 8 portfolio strategy due to its potential as a cash-flow anchor. The Fair Market Rent (FMR) for ZIP 23460 in fiscal year 2024 is set at $1640 for a one-bedroom unit, which is notably lower than the national average. This makes it an attractive area for landlords who wish to secure stable, government-backed rental income.
While the specific market data such as the median home value and market rent rates for ZIP 23460 are not available, the disparity between the FMR and typical market rents often observed in this region suggests a significant spread that benefits landlords participating in the Section 8 program. This spread ensures that even with the administrative overhead associated with the program, landlords can maintain positive cash flow.
The Section 8 program guarantees timely payments directly from the government, which reduces the risk of non-payment and the associated costs of eviction. For small-portfolio investors, having a property in ZIP 23460 as part of their portfolio can provide a reliable source of income, particularly when other investments might face challenges in terms of vacancy rates or late payments.
In conclusion, ZIP 23460 is best suited as a cash-flow anchor within a Section 8 portfolio strategy. The guaranteed rental income at $1640 per month, combined with the stability and security provided by the government, offers a solid foundation for maintaining financial performance amidst fluctuating market conditions.
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.