Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,800 |
| 1 Bedroom | $1,800 |
| 2 Bedrooms | $2,070 |
| 3 Bedrooms | $2,880 |
| 4 Bedrooms | $3,420 |
| 5 Bedrooms | $3,967 |
| 6 Bedrooms | $4,443 |
| 7 Bedrooms | $4,798 |
| 8 Bedrooms | $5,038 |
U.S. Census Bureau data (2024)
The classification of ZIP code 23691 hinges significantly on the available data points, which indicate a unique scenario. The Fair Market Rent (FMR) for 23691 in fiscal year 2024 is set at $2240. However, critical data such as market rent, home values, days on market (DOM), and median income are currently unavailable. This scarcity of data makes it challenging to provide a definitive classification but allows us to infer certain aspects.
On the yield axis, the FMR figure of $2240 suggests a relatively stable baseline for rental pricing. Landlords can expect to receive a fixed amount through Section 8 vouchers, which guarantees a consistent income stream without the volatility associated with market rents. This predictability is crucial for small-portfolio investors looking to avoid the risks inherent in fluctuating market conditions.
The stability axis is partially informed by the fact that 100.0% of the residents are renters. This indicates a strong demand for rental properties in the area, which is a positive sign for landlords. However, the lack of data on median income and DOM means we cannot fully assess the financial health of the tenants or the time it takes to rent out a property. These missing pieces are essential for understanding the broader economic stability of the ZIP code and how quickly properties can be leased.
Given the available data, ZIP 23691 leans towards being a steady-cashflow zone. The guaranteed income from the FMR and the certainty of a fully rented market suggest a reliable source of revenue. However, without additional data points on median income and DOM, it's difficult to make a comprehensive assessment of the overall stability and potential for higher yields beyond the FMR.
To conclude, while the area shows promise for steady cash flow due to the 100.0% rental rate and the FMR guarantee, the absence of other key metrics prevents a full evaluation of its stability and potential for higher yields. Landlords and investors should seek additional local market data to inform their decisions further.
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.