Section 8 Fair Market Rent (FMR) for ZIP 23514 - 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	$1,330
1 Bedroom	$1,350
2 Bedrooms	$1,510
3 Bedrooms	$2,080
4 Bedrooms	$2,450
5 Bedrooms	$2,842
6 Bedrooms	$3,183
7 Bedrooms	$3,438
8 Bedrooms	$3,610

The ZIP code 23514, located in Virginia, is a region characterized by a mix of residential and commercial properties. It serves as a viable investment opportunity for landlords and small-portfolio investors due to its stable housing market and proximity to urban amenities.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 23514 for fiscal year 2024 is set at $1370. This figure represents the maximum amount that low-income families should pay in rent.
Market rent data for ZIP 23514 is currently unavailable, indicating a lack of recent rental activity or reporting in the area.
The median home value in ZIP 23514 is also not available, suggesting limited sales data which could indicate a slower-moving market or a higher proportion of rental properties.
The percentage of residents who are renters in ZIP 23514 is not provided, but it's crucial for investors to understand the local demand for rental properties.
The days on market (DOM) for properties in ZIP 23514 is not available, which would typically help investors gauge how quickly homes are selling in the area.
The median household income for ZIP 23514 is not specified, yet this metric is essential for predicting the financial stability and purchasing power of potential tenants.

In summary, while the Fair Market Rent provides a solid benchmark for rental pricing in ZIP 23514, the absence of market rent, median home value, renter share, DOM, and median income data limits the ability to make comprehensive investment decisions. Landlords and small-portfolio investors should focus on the FMR as a reliable indicator and seek additional local insights to fill the gaps in these critical metrics.

Data Sources: FMR data from HUD (2027).

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.