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Gloucester County/Gloucester/23061

23061

ZIPSAFMR
Gloucester County, VA
Zillow

ZIP Investment Score

98Above average

095130300
BRFMR
Eff. Rent
0 BR$1,250$1,250
1 BR$1,270$1,270
2 BR$1,420$1,560
3 BR$1,960$2,040
4 BR$2,310$2,310
5 BR$2,657Not available
6 BR$3,055Not available
7 BR$3,513Not available
8 BR$4,040Not available

Purchase Price Calculator

Maximum purchase price
$169,899

Cost breakdown

+Likely effective rent$1,560
HUD FMR$1,420
Market rent$2,060
Est. payment standard (110%)Used$1,560
-Principal and interest-$859
Loan amount$135,919
Down payment$33,980
Rate6.50%
Term30 years
-Operating costs-$501
Property taxes-$170
Insurance-$175
Utilities$0
HOA$0
Management-$156
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$25,133(74.0% ROI)
Projected value
$182,962
Return breakdown
Property appreciation+$13,064
Loan principal paid down+$4,870
Rental cash flow+$7,200
5-year hold
+$43,010(126.6% ROI)
Projected value
$192,225
Return breakdown
Property appreciation+$22,326
Loan principal paid down+$8,684
Rental cash flow+$12,000
10-year hold
+$92,278(271.6% ROI)
Projected value
$217,485
Return breakdown
Property appreciation+$47,586
Loan principal paid down+$20,692
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

2 BR
0.69
3 BR
0.94
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 23061 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23061 (Gloucester, VA) is $1,420 a month. That is down 7.8% from $1,540 in FY 2026. Gloucester is in the Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 16 ZIP codes in Gloucester County, 23061 has the 2nd-highest two-bedroom rent (county range $1,170–$1,490). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23061 is 13% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23061
BedroomsFY 2027Change90–110% range
Studio$1,250−6.7%$1,125–$1,375
1BR$1,270−6.6%$1,143–$1,397
2BR$1,420−7.8%$1,278–$1,562
3BR$1,960−8.4%$1,764–$2,156
4BR$2,310−8.0%$2,079–$2,541

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23061
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,250$1,270$1,420$1,960$2,310
FY 2026$1,340$1,360$1,540$2,140$2,510
FY 2025$1,430$1,430$1,640$2,280$2,720
FY 2024$1,250$1,260$1,460$2,030$2,480
FY 2023$1,070$1,090$1,280$1,790$2,180

Two-bedroom rent in nearby Gloucester County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 23061
23001$1,310−7.7%
23003$1,310−7.7%
23018$1,310−7.7%
23050$1,320−7.0%
23061Current$1,420—
23062$1,170−17.6%
23072$1,260−11.3%
23128$1,320−7.0%
23131$1,310−7.7%
23149$1,490+4.9%
23154$1,310−7.7%
23155$1,310−7.7%

Questions about ZIP 23061 rents

How much will Section 8 pay for a two-bedroom in ZIP 23061?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,420, that basic range is $1,278 to $1,562 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 23061 in?

ZIP 23061 is in the Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 23061 for FY 2027?

The two-bedroom FMR fell 7.8%, from $1,540 in FY 2026 to $1,420 in FY 2027. Since FY 2023 it has risen 10.9%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentGloucester, VA fair market rentVA statewide rentsWhat is SAFMR?Data sources