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 | $1,320 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $2,070 |
| 4 Bedrooms | $2,440 |
| 5 Bedrooms | $2,830 |
| 6 Bedrooms | $3,170 |
| 7 Bedrooms | $3,424 |
| 8 Bedrooms | $3,595 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,500 | $183,468 | 0.82% | C |
| 3BR | $2,070 | $239,339 | 0.86% | C |
| 4BR | $2,440 | $299,698 | 0.81% | C |
| 5BR | $2,830 | $362,337 | 0.78% | D |
U.S. Census Bureau data (2024)
The ZIP code 23663, located in Hampton, VA, is a bustling suburban area that offers a mix of residential neighborhoods and proximity to urban amenities. This region is particularly attractive to investors interested in rental properties due to its significant renter population and relatively low days on market (DOM) for listings.
Investors considering the ZIP 23663 market will find that the gap between the Fair Market Rent and the actual market rent presents a favorable opportunity for generating rental income. With nearly half of the residents being renters, there is a consistent demand for affordable housing options. The quick turnover rate of rental listings, as indicated by the DOM, suggests that properties can be leased out efficiently. However, the median income level should be considered when setting rental prices to ensure affordability for the majority of tenants. Overall, the Hampton, VA area offers a balanced investment environment with potential for steady returns.
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.