Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,970 |
| 1 Bedroom | $1,990 |
| 2 Bedrooms | $2,230 |
| 3 Bedrooms | $3,070 |
| 4 Bedrooms | $3,630 |
| 5 Bedrooms | $4,211 |
| 6 Bedrooms | $4,716 |
| 7 Bedrooms | $5,093 |
| 8 Bedrooms | $5,348 |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 23665, located within the Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area, reveals a competitive landscape. The HUD Fair Market Rent (FMR) for this area stands at $2100 for fiscal year 2024. In comparison, the market rent, based on Census ACS data, is slightly higher at $2,111. This indicates that landlords can expect to cashflow at the HUD FMR rate but will do so marginally given the slight discrepancy between the two figures. For optimal cashflow, landlords should target premium units that can command rents closer to or above the market rate.
The median home value in ZIP 23665 is not available, which makes deriving an exact rent-to-price ratio challenging. However, the lack of a median home value suggests a predominantly rental-focused market, which could influence the dynamics of rent versus buy decisions among potential tenants. With no available data on the median days on market (DOM) or the percentage of homes that had their prices cut, it's difficult to gauge the broader housing market's impact on rental demand. Nonetheless, the existing disparity between HUD FMR and market rent points to a stable rental environment where demand for affordable housing remains consistent.
The strongest angle for investors in this ZIP code is stability. Given the consistent demand for affordable housing and the marginal difference between HUD FMR and market rent, investors can expect steady cashflows and low vacancy rates. This makes ZIP 23665 a reliable choice for those seeking long-term, stable investments rather than short-term gains through appreciation or high cashflow margins.
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.