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James City/Lanexa/23089

23089

ZIPSAFMR
James City, VA
Zillow

ZIP Investment Score

86Below average

095130300
BRFMR
Eff. Rent
0 BR$1,490$1,490
1 BR$1,540$1,540
2 BR$1,690$1,690
3 BR$2,150$2,150
4 BR$2,610$2,610
5 BR$3,001Not available
6 BR$3,452Not available
7 BR$3,969Not available
8 BR$4,565Not available

Purchase Price Calculator

Maximum purchase price
$189,217

Cost breakdown

+Likely effective rent$1,690
HUD FMRUsed$1,690
Market rentN/A
Est. payment standardN/A
-Principal and interest-$957
Loan amount$151,373
Down payment$37,843
Rate6.50%
Term30 years
-Operating costs-$533
Property taxes-$189
Insurance-$175
Utilities$0
HOA$0
Management-$169
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$27,172(71.8% ROI)
Projected value
$203,766
Return breakdown
Property appreciation+$14,549
Loan principal paid down+$5,423
Rental cash flow+$7,200
5-year hold
+$46,536(123.0% ROI)
Projected value
$214,081
Return breakdown
Property appreciation+$24,865
Loan principal paid down+$9,671
Rental cash flow+$12,000
10-year hold
+$100,042(264.4% ROI)
Projected value
$242,214
Return breakdown
Property appreciation+$52,997
Loan principal paid down+$23,045
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
--
Mortgage rate
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ZIP 23089 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23089 (Lanexa, VA) is $1,690 a month. That is up 3.7% from $1,630 in FY 2026. Lanexa 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 6 ZIP codes in James City, 23089 has the 6th-highest two-bedroom rent (county range $1,690–$1,770). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23089 is 34% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23089
BedroomsFY 2027Change90–110% range
Studio$1,490+4.9%$1,341–$1,639
1BR$1,540+4.1%$1,386–$1,694
2BR$1,690+3.7%$1,521–$1,859
3BR$2,150+2.4%$1,935–$2,365
4BR$2,610+2.0%$2,349–$2,871

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23089
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,490$1,540$1,690$2,150$2,610
FY 2026$1,420$1,480$1,630$2,100$2,560
FY 2025$1,440$1,490$1,660$2,160$2,640
FY 2024$1,210$1,240$1,400$1,840$2,250
FY 2023$1,070$1,090$1,250$1,650$2,010

Two-bedroom rent in nearby James City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 23089
23081$1,720+1.8%
23089Current$1,690—
23127$1,720+1.8%
23168$1,700+0.6%
23185$1,740+3.0%
23188$1,770+4.7%

Questions about ZIP 23089 rents

How much will Section 8 pay for a two-bedroom in ZIP 23089?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,690, that basic range is $1,521 to $1,859 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 23089 in?

ZIP 23089 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 23089 for FY 2027?

The two-bedroom FMR rose 3.7%, from $1,630 in FY 2026 to $1,690 in FY 2027. Since FY 2023 it has risen 35.2%.

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