Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,330 |
| 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 23541 in Virginia Beach-Norfolk-Newport News County stands out due to its unique data characteristics. Despite the lack of specific figures for the number of residents, rental percentages, median income, and median home values, the area's Fair Market Rent (FMR) provides insight into its economic dynamics. The FMR for ZIP 23541 for fiscal year 2024 is set at $1370, which serves as a benchmark for housing costs.
In terms of voucher economics, the FMR plays a crucial role. Landlords and small-portfolio investors should note that the $1370 FMR represents the maximum amount the government will pay for rent and utilities under the Section 8 program. This figure is particularly important because it helps determine the viability of accepting Section 8 tenants. If the local market rent exceeds $1370, landlords might need to cover the difference, reducing their profit margins.
Given the limited data available, it's challenging to fully assess the stability of the ZIP code. However, the consistency of the FMR over time can indicate a relatively stable housing market. In the absence of significant fluctuations in the FMR, landlords can expect steady demand for affordable housing options. This suggests that the ZIP code 23541 has a stable housing environment, making it a reliable location for those interested in Section 8 properties.
To summarize, ZIP 23541 offers a clear FMR guideline for Section 8 participation, with an established figure of $1370 for fiscal year 2024. While detailed demographic data is not provided, the stability implied by the consistent FMR can be seen as a positive indicator for landlords and investors looking to enter or remain in the Section 8 market. This ZIP code is best characterized as stable, providing a predictable environment for housing investments.
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.