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 | $1,430 |
| 1 Bedroom | $1,480 |
| 2 Bedrooms | $1,660 |
| 3 Bedrooms | $2,260 |
| 4 Bedrooms | $2,610 |
| 5 Bedrooms | $3,028 |
| 6 Bedrooms | $3,391 |
| 7 Bedrooms | $3,662 |
| 8 Bedrooms | $3,845 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,260 | $487,696 | 0.46% | F |
U.S. Census Bureau data (2024)
The rental landscape in ZIP code 27941 presents a mixed picture when viewed from the tenant's standpoint. Given the median household income of $50,893, affordability becomes a critical issue for renters, especially considering the market rate rent is currently unavailable.
However, the situation brightens up for those eligible for housing assistance. The Fair Market Rent (FMR) set at $1380 for fiscal year 2024 offers a benchmark for subsidized housing payments. This amount is significantly lower than what would be expected if the market rate were known, suggesting that voucher holders have a more stable and predictable rent expense compared to paying market rates.
With only 11.5% of the population renting and a total population of 641, the competition among landlords for tenants is relatively low. This dynamic could mean that landlords have some flexibility in setting rents, but it also implies a smaller pool of potential tenants, making each renter valuable.
The affordability gap, therefore, means that landlords should consider the benefits of accepting Section 8 vouchers. While the payment standard is fixed at $1380, it ensures a reliable source of income and opens the door to a segment of the population that might otherwise struggle to find suitable housing. For landlords, the decision to accept vouchers versus seeking cash-paying tenants should weigh the stability of guaranteed income against the potential for higher rents from non-subsidized tenants.
In conclusion, landlords in ZIP 27941 should recognize the value of Section 8 vouchers in securing steady rental income. Although the voucher payment is capped at $1380, the limited number of renters and the financial support it provides make it an attractive option. Landlords must decide whether the security of voucher payments outweighs the riskier pursuit of higher market rates.
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.