Location: Virginia Beach-Norfolk-Newport News, VA | Metro: Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,340 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,520 |
| 3 Bedrooms | $2,100 |
| 4 Bedrooms | $2,480 |
| 5 Bedrooms | $2,877 |
| 6 Bedrooms | $3,222 |
| 7 Bedrooms | $3,480 |
| 8 Bedrooms | $3,654 |
U.S. Census Bureau data (2024)
To profile ZIP code 23709 as a Section 8 tenant pool, we must first acknowledge the limitations of the available data. The percentage of renters and median household income figures are not provided, which makes a precise analysis challenging. However, based on the Fair Market Rent (FMR) figure of $1330 for FY 2024, we can infer some critical points about the rental market.
The population of 510 suggests that 23709 is a relatively small community. Without knowing the exact percentage of renters, it's difficult to determine if this is a renter-heavy ZIP with deep voucher demand or an area dominated by homeowners. Nevertheless, the FMR provides a benchmark for rental pricing in the area.
Typical market rents compared to the FMR would help us understand how much of local income is consumed by rent. If the FMR is higher than the actual market rent, it indicates that there could be a surplus of affordable housing for voucher holders. Conversely, if market rents are close to or exceed the FMR, it implies that the cost of living might be high relative to income, making it harder for tenants to find affordable housing without assistance.
In terms of tenant profiles, landlords in 23709 should expect individuals who rely on Section 8 vouchers due to the FMR being set at $1330. This means tenants will likely have low to moderate incomes, and their rental choices will be heavily influenced by the availability of affordable units that accept vouchers. Given the size of the community, landlords might benefit from targeting their properties towards families and individuals who are seeking stable, government-assisted housing options.
Landlords should also be aware of the administrative aspects of managing Section 8 tenants, including regular inspections and maintaining compliance with HUD standards. While the lack of specific income and renter percentage data limits a full financial analysis, focusing on the needs of low-income families and individuals can be a strategic approach to filling vacancies and ensuring long-term tenancy stability.
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.