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 | $1,270 |
| 1 Bedroom | $1,380 |
| 2 Bedrooms | $1,530 |
| 3 Bedrooms | $2,050 |
| 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 | $2,050 | $488,092 | 0.42% | F |
U.S. Census Bureau data (2024)
ZIP code 27964 is positioned within the Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1380. This figure can be used to assess the rental market dynamics compared to other areas within the same metro region.
The absence of market rent data for ZIP 27964 means we cannot directly compare it to market rates, but the FMR provides a benchmark for affordable housing standards. The median home value of $459,369 suggests that this area is neither among the lowest nor the highest valued homes in the broader metro area. It places 27964 in a mid-tier neighborhood status, balancing between being a value pocket and a premium sub-market.
A key indicator is the 5.6% renter share, which is relatively low. Typically, higher renter shares can indicate a greater demand for rental properties, which might be driven by affordability concerns or a preference for renting over buying. However, in ZIP 27964, despite the low renter share, the home values are not exceptionally high, which could imply that there is still a reasonable level of affordability for homeownership.
To determine if 27964 is a Section 8 sweet spot, we must consider the relationship between the FMR and the home values. With an FMR of $1380 and a home value of $459,369, landlords in this area may find that properties are affordable enough for Section 8 tenants while maintaining a competitive position in the overall market. The lower-than-average renter share does not necessarily contradict this, as it could simply mean that homeownership remains attractive even with the presence of a supportive rental market.
In summary, ZIP 27964 appears to be a mid-tier neighborhood within the Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area. Its relatively moderate home values and specific FMR setting make it a suitable location for landlords interested in participating in the Section 8 program without entering either a value pocket or a premium sub-market.
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.