Section 8 Fair Market Rent (FMR) for ZIP 23668 - 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	$1,370
1 Bedroom	$1,380
2 Bedrooms	$1,550
3 Bedrooms	$2,140
4 Bedrooms	$2,520
5 Bedrooms	$2,923
6 Bedrooms	$3,274
7 Bedrooms	$3,536
8 Bedrooms	$3,713

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

723

Median Household Income

$N/A

Housing Units

Renter Percentage

N/A

Occupancy Rate

N/A

Renter Occupied

The ZIP code 23668, located in Virginia, is a suburban area characterized by its mix of residential neighborhoods and rural landscapes. It is part of a region that has seen steady growth in recent years, making it an attractive investment opportunity for landlords and small-portfolio investors looking to capitalize on the demand for affordable housing.

The Fair Market Rent (FMR) for ZIP 23668 for fiscal year 2024 is set at $1400 per month for a two-bedroom apartment, reflecting the local rental market's pricing standards.
The median home value in this area is currently not available, indicating a need for further research to understand the potential for property appreciation.
The percentage of residents who are renters is also not available, which could be crucial for assessing the rental market's size and stability.
The average days on market (DOM) for rental listings is not available, but this metric is typically important for understanding how quickly properties can be leased out.
The median household income in ZIP 23668 is not available, which would be key in gauging the financial health and spending power of the local population.

In summary, while the Fair Market Rent provides a clear benchmark for rental pricing, the lack of specific data points such as median home values, renter share, days on market, and median income suggests a need for thorough due diligence before investing. The stable FMR indicates consistent demand, but the missing metrics highlight areas where additional investigation is required to fully assess the investment potential in ZIP 23668.

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.