Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,410 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $2,200 |
| 4 Bedrooms | $2,590 |
| 5 Bedrooms | $3,004 |
| 6 Bedrooms | $3,364 |
| 7 Bedrooms | $3,633 |
| 8 Bedrooms | $3,815 |
U.S. Census Bureau data (2024)
ZIP code 23708 is a renter-heavy area with 100.0% of its population renting homes. This indicates a high demand for rental properties and a significant presence of Section 8 tenants who rely on housing vouchers. The total population of 269 residents suggests that while the area is not densely populated, it has a strong reliance on rental housing.
The median household income for ZIP 23708 is not available, which makes it challenging to directly compare income levels to market rents. However, we can still assess the situation based on the Fair Market Rent (FMR) data provided. For fiscal year 2024, the FMR for ZIP 23708 is set at $1430. This figure represents the typical rent for a standard unit in the area and is used as a benchmark for determining the maximum amount of rent assistance that Section 8 tenants can receive.
Given that the median income is unavailable, we cannot calculate the exact percentage of income that goes towards rent. However, the fact that the entire population consists of renters implies that many individuals may be relying on government assistance to cover their living expenses. In such scenarios, it's common for rent to consume a substantial portion of the local income, often exceeding 30%, which is considered affordable by HUD standards.
Landlords in ZIP 23708 should expect tenants who are likely to have low incomes and depend heavily on Section 8 vouchers to afford housing. These tenants will typically require rent subsidies close to or at the FMR level of $1430 to secure a suitable living space. It's important for landlords to understand the administrative requirements and potential delays associated with the Section 8 program to manage expectations effectively.
In conclusion, ZIP 23708 presents itself as an area with a heavy concentration of renters, making it ideal for landlords willing to participate in the Section 8 program. The absence of median income data complicates precise financial analysis but underscores the importance of housing vouchers in this community. Landlords should prepare for a tenant pool that largely comprises individuals with limited means who rely on government support to meet their housing needs.
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.