York County/Williamsburg/23185

23185

ZIPSAFMR

York County, VA

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ZIP Investment Score

91Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,530	$1,370	5.9%
1 BR	$1,550	$1,390	6.0%
2 BR	$1,740	$1,760	4.8%
3 BR	$2,400	$2,110	4.6%
4 BR	$2,830	$2,760	3.4%
5 BR	$3,254	Not available	3.4%
6 BR	$3,743	Not available	3.4%
7 BR	$4,304	Not available	3.4%
8 BR	$4,950	Not available	3.4%

Purchase Price Calculator

Maximum purchase price

$199,619

Cost breakdown

+Likely effective rent$1,760

HUD FMR$1,740

Market rent$1,770

Est. payment standard (101%)Used$1,760

-Principal and interest-$1,009

Loan amount$159,695

Down payment$39,924

Rate6.50%

Term30 years

-Operating costs-$551

Property taxes-$200

Insurance-$175

Utilities$0

HOA$0

Management-$176

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$28,270(70.8% ROI)

Projected value

$214,968

Return breakdown

Property appreciation+$15,349

Loan principal paid down+$5,721

Rental cash flow+$7,200

5-year hold

+$48,434(121.3% ROI)

Projected value

$225,850

Return breakdown

Property appreciation+$26,232

Loan principal paid down+$10,203

Rental cash flow+$12,000

10-year hold

+$104,222(261.1% ROI)

Projected value

$255,529

Return breakdown

Property appreciation+$55,910

Loan principal paid down+$24,312

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.12ratio

FMR$1,530

Market$1,370

vs market+$160

FMR is above market; underwrite to market rent.

1.12

1 BR

1.12ratio

FMR$1,550

Market$1,390

vs market+$160

FMR is above market; underwrite to market rent.

1.12

2 BR

0.98ratio

FMR$1,740

Market$1,770

vs market-$30

FMR is near market; voucher and private rents are aligned.

0.98

3 BR

1.14ratio

FMR$2,400

Market$2,110

vs market+$290

FMR is above market; underwrite to market rent.

1.14

4 BR

1.03ratio

FMR$2,830

Market$2,760

vs market+$70

FMR is near market; voucher and private rents are aligned.

1.03

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 23185 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23185 (Williamsburg, VA) is $1,740 a month. That is down 3.3% from $1,800 in FY 2026. Williamsburg 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 11 ZIP codes in York County, 23185 has the 9th-highest two-bedroom rent (county range $1,140–$2,320). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23185 is 38% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23185
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,570	$1,530	−2.5%	$1,377–$1,683
1BR	$1,590	$1,550	−2.5%	$1,395–$1,705
2BR	$1,800	$1,740	−3.3%	$1,566–$1,914
3BR	$2,500	$2,400	−4.0%	$2,160–$2,640
4BR	$2,940	$2,830	−3.7%	$2,547–$3,113

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23185
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,530	$1,550	$1,740	$2,400	$2,830
FY 2026	$1,570	$1,590	$1,800	$2,500	$2,940
FY 2025	$1,500	$1,500	$1,720	$2,390	$2,850
FY 2024	$1,290	$1,300	$1,510	$2,100	$2,560
FY 2023	$1,130	$1,150	$1,350	$1,890	$2,300

Two-bedroom rent in nearby York County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 23185
23090	$2,050	+17.8%
23185Current	$1,740	—
23188	$1,770	+1.7%
23602	$1,780	+2.3%
23603	$1,610	−7.5%
23665	$2,230	+28.2%
23690	$1,140	−34.5%
23691	$2,070	+19.0%
23692	$2,090	+20.1%
23693	$1,980	+13.8%
23696	$2,320	+33.3%

Questions about ZIP 23185 rents

How much will Section 8 pay for a two-bedroom in ZIP 23185?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,740, that basic range is $1,566 to $1,914 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 23185 in?

ZIP 23185 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 23185 for FY 2027?

The two-bedroom FMR fell 3.3%, from $1,800 in FY 2026 to $1,740 in FY 2027. Since FY 2023 it has risen 28.9%.

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 rent Williamsburg, VA fair market rent VA statewide rents What is SAFMR?Data sources