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 | $1,260 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,430 |
| 3 Bedrooms | $1,970 |
| 4 Bedrooms | $2,320 |
| 5 Bedrooms | $2,691 |
| 6 Bedrooms | $3,014 |
| 7 Bedrooms | $3,255 |
| 8 Bedrooms | $3,418 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,430 | $256,323 | 0.56% | F |
| 3BR | $1,970 | $360,584 | 0.55% | F |
| 4BR | $2,320 | $450,292 | 0.52% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP code 23487, located in Windsor, VA, within the Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area, is favorable for landlords. The Fair Market Rent (FMR) set at $1,200 for fiscal year 2024 exceeds the reported market rent of $1,173 based on Census ACS data. This indicates that landlords can potentially charge slightly above the average market rate, ensuring a competitive edge while still aligning with HUD guidelines.
Acquisition of properties in this area remains relatively affordable. The median home value stands at $335,314. While specific data on days on market (DOM) and the percentage of homes that have been listed with a price cut is not available, the median home value suggests that purchasing properties here is within reach for many investors, especially considering the relatively stable housing market.
Tenant demand in ZIP 23487 is present but not overwhelming. With a total population of 6,477, the renter share is 18.5%. This means approximately 1,198 individuals or households are renters, providing a steady pool of potential tenants. However, the relatively low renter share compared to other metropolitan areas indicates that competition for rental units may be less intense, which could impact occupancy rates and rental pricing strategies.
In conclusion, ZIP 23487 presents a viable investment opportunity for landlords and small-portfolio investors. The favorable rent math allows for competitive pricing without sacrificing profitability. Property acquisition is manageable given the median home value, and although the tenant demand is not exceptionally high, it is sufficient to support a rental business. Landlords should focus on maintaining quality properties to attract and retain tenants in this market.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.