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 | $1,240 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,940 |
| 4 Bedrooms | $2,290 |
| 5 Bedrooms | $2,656 |
| 6 Bedrooms | $2,975 |
| 7 Bedrooms | $3,213 |
| 8 Bedrooms | $3,374 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,940 | $350,559 | 0.55% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 27917 in fiscal year 2024 is set at $1380. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not necessarily the rent you will receive; it's the ceiling on what you can charge. The actual rent received is based on the tenant's income and typically cannot exceed 30% of their monthly adjusted income.
To provide context, the average rent in ZIP 27917 is currently around $665 according to recent Census American Community Survey (ACS) data. This means that the FMR for Section 8 is significantly higher than the typical market rate, potentially offering a better financial outcome for landlords who participate in the program.
The high demand for rentals in this area is evident from the fact that 72.3% of residents are renters. This indicates a strong market for rental properties, making ZIP 27917 an attractive location for landlords looking to enter the Section 8 housing market. However, it also suggests that there might be competition among landlords for tenants.
In terms of property acquisition, the median home value in ZIP 27917 is approximately $338,030. This figure helps potential landlords understand the investment required to acquire a property suitable for a Section 8 rental. Given the FMR and the current average rent, the Section 8 program can help ensure a steady and reliable income stream for landlords, even if the rent is slightly below the FMR.
Before deciding to enroll a property in the Section 8 program, it is crucial to verify that your property meets all the necessary requirements, including health and safety standards. The Housing Quality Standards (HQS) must be met, which involves a thorough inspection to ensure the property is safe, decent, and sanitary. This verification process is essential to avoid any delays in receiving rental payments and to maintain compliance 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.