FMR is near market; voucher and private rents are aligned.
0.97
1 BR
1 BR
1.04ratio
FMR$1,420
Market$1,360
vs market+$60
FMR is near market; voucher and private rents are aligned.
1.04
2 BR
2 BR
0.95ratio
FMR$1,590
Market$1,680
vs market-$90
FMR is near market; voucher and private rents are aligned.
0.95
3 BR
3 BR
0.87ratio
FMR$2,190
Market$2,520
vs market-$330
FMR is below market; voucher rent may lag private rents.
0.87
4 BR
4 BR
0.85ratio
FMR$2,580
Market$3,050
vs market-$470
FMR is below market; voucher rent may lag private rents.
0.85
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
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ZIP 23187 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23187 (Williamsburg, VA) is $1,590 a month. That is down 4.2% from $1,660 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 3 ZIP codes in Williamsburg City, 23187 has the 3rd-highest two-bedroom rent (county range $1,590–$1,770). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23187 is 26% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 23187
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,450
$1,400
−3.4%
$1,260–$1,540
1BR
$1,470
$1,420
−3.4%
$1,278–$1,562
2BR
$1,660
$1,590
−4.2%
$1,431–$1,749
3BR
$2,300
$2,190
−4.8%
$1,971–$2,409
4BR
$2,710
$2,580
−4.8%
$2,322–$2,838
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 23187
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,400
$1,420
$1,590
$2,190
$2,580
FY 2026
$1,450
$1,470
$1,660
$2,300
$2,710
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
$1,090
$1,110
$1,300
$1,820
$2,210
Two-bedroom rent in nearby Williamsburg City ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 23187?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,590, that basic range is $1,431 to $1,749 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 23187 in?
ZIP 23187 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 23187 for FY 2027?
The two-bedroom FMR fell 4.2%, from $1,660 in FY 2026 to $1,590 in FY 2027. Since FY 2023 it has risen 22.3%.
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