Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,380 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $2,150 |
| 4 Bedrooms | $2,540 |
| 5 Bedrooms | $2,946 |
| 6 Bedrooms | $3,300 |
| 7 Bedrooms | $3,564 |
| 8 Bedrooms | $3,742 |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) of $1420 for ZIP 23509 in Norfolk, VA, for fiscal year 2024, landlords can expect to align their rental pricing with HUD guidelines. The Zillow Observed Rent Index (ZORI) stands at $1,825, indicating a premium over the FMR that savvy landlords can potentially achieve through market-rate rentals. Given the median home value of $279,547, property investments in this area offer a solid base for long-term growth. Renter share in the region is substantial at 37.8%, suggesting a robust demand for rental properties. Median income in ZIP 23509 is $72,816, which supports the ability of residents to afford higher rents. The Days on Market (DOM) average of 37 days highlights a brisk pace in property turnover, beneficial for those looking to quickly fill vacancies. Moreover, the low price-cut share of 0.2% signals that properties are generally valued correctly, minimizing the need for price adjustments. For landlords and small-portfolio investors, the combination of these factors makes ZIP 23509 a viable option for Section 8 participation, with the potential for both stable occupancy and competitive returns.
The verdict on Section 8 for ZIP 23509 is positive, given the alignment between the $1420 FMR and the strong local rental market, supported by a median income of $72,816 and a significant renter share of 37.8%. This balance ensures that landlords can maintain occupancy while also considering market-rate opportunities for higher returns.
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.