Section 8 Fair Market Rent (FMR) for ZIP 23669 - 2027

Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area

Investment Score for ZIP 23669

Monthly Rent (2BR)

$1,550

Median Price (2BR)

$190,603

1% Rule

0.81%

Annual Yield

9.76%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

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

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,380	$137,647	1%	B
2BR	$1,550	$190,603	0.81%	C
3BR	$2,140	$273,847	0.78%	D
4BR	$2,520	$356,745	0.71%	D
5BR	$2,923	$435,881	0.67%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

39,884

Median Household Income

$71,222

Housing Units

17,512

Renter Percentage

40.4%

Occupancy Rate

92.6%

Renter Occupied

6,557

The ZIP code 23669, located in Hampton, Virginia, is a residential area with a mix of single-family homes and rental properties. The region benefits from its proximity to military installations and the city's amenities, making it attractive to both homeowners and renters. Here is a concise analysis based on key metrics:

The Fair Market Rent (FMR) for ZIP 23669 in fiscal year 2024 is set at $1,340, indicating the government benchmark for affordable housing.
The market rent, as measured by Zillow's ZORI, stands at $1,679, which is above the FMR, suggesting that private market rents command a premium.
The median home value in the area is $283,266, reflecting a moderate price point for homeownership.
Renters make up 40.4% of the population, highlighting a significant portion of the market dedicated to rentals.
The average Days on Market (DOM) for listings is 45 days, showing a relatively quick turnover rate for both rentals and sales.
The median household income in ZIP 23669 is $71,222, providing insight into the economic capacity of residents to afford housing costs.

In summary, the real estate market in ZIP 23669 offers a balanced opportunity for both rental and ownership investments. With a substantial renter base and market rents exceeding the FMR, there is potential for positive cash flow in rental properties. Additionally, the median home value and income levels suggest that homeownership remains accessible, though rental properties may offer a higher return given the current demand and pricing dynamics.

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.