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 | $2,050 |
| 1 Bedroom | $2,070 |
| 2 Bedrooms | $2,320 |
| 3 Bedrooms | $3,200 |
| 4 Bedrooms | $3,770 |
| 5 Bedrooms | $4,373 |
| 6 Bedrooms | $4,898 |
| 7 Bedrooms | $5,290 |
| 8 Bedrooms | $5,555 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,200 | $435,849 | 0.73% | D |
| 4BR | $3,770 | $555,153 | 0.68% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 23696 in fiscal year 2024 is set at $2080. This figure represents the payment standard for Section 8 housing vouchers, meaning that voucher holders will be able to use their vouchers to cover up to $2080 per month in rent for a unit in this area. However, it's important to note that this does not necessarily mean your rent should be exactly $2080; rather, it's the maximum amount that the Housing Choice Voucher program will pay on behalf of tenants.
To put this into perspective, the average rent in ZIP 23696, according to the Census American Community Survey (ACS), is $2,241. This suggests that the FMR is slightly below the market rate, indicating that landlords participating in the Section 8 program might need to adjust their expectations regarding rental income. However, the 8.7% share of renters in the area shows that there is a consistent demand for rental properties, which can be beneficial for landlords willing to participate in the program.
The median home value in ZIP 23696 is approximately $495,789, reflecting the potential acquisition costs for those looking to invest in real estate in this area. Given this high median home value, the Section 8 program can serve as an alternative revenue stream for landlords who wish to cater to lower-income families while still maintaining a property in a desirable location.
Before making a decision to enter the Section 8 program, it's crucial to verify that your property meets all the required standards for habitability and safety. This includes ensuring compliance with local housing codes, which are often more stringent than the minimum requirements set by the federal government. By confirming these standards, you can avoid potential issues and ensure a smoother experience with the program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.