Suffolk City/Chesapeake/23321

23321

ZIPSAFMR

Suffolk City, VA

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ZIP Investment Score

113Above average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,500	$1,550	4.4%
1 BR	$1,520	$1,430	4.6%
2 BR	$1,700	$1,650	3.3%
3 BR	$2,340	$2,120	3.0%
4 BR	$2,760	$2,700	1.9%
5 BR	$3,174	Not available	1.9%
6 BR	$3,650	Not available	1.9%
7 BR	$4,198	Not available	1.9%
8 BR	$4,827	Not available	1.9%

Purchase Price Calculator

Maximum purchase price

$183,273

Cost breakdown

+Likely effective rent$1,650

HUD FMR$1,700

Market rentUsed$1,650

Est. payment standard (98%)$1,670

-Principal and interest-$927

Loan amount$146,618

Down payment$36,655

Rate6.50%

Term30 years

-Operating costs-$523

Property taxes-$183

Insurance-$175

Utilities$0

HOA$0

Management-$165

=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

+$26,545(72.4% ROI)

Projected value

$197,365

Return breakdown

Property appreciation+$14,092

Loan principal paid down+$5,253

Rental cash flow+$7,200

5-year hold

+$45,451(124.0% ROI)

Projected value

$207,356

Return breakdown

Property appreciation+$24,084

Loan principal paid down+$9,367

Rental cash flow+$12,000

10-year hold

+$97,653(266.4% ROI)

Projected value

$234,605

Return breakdown

Property appreciation+$51,332

Loan principal paid down+$22,321

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.95ratio

FMR$1,500

Market$1,580

vs market-$80

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

0.95

1 BR

1.06ratio

FMR$1,520

Market$1,430

vs market+$90

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

1.06

2 BR

1.03ratio

FMR$1,700

Market$1,650

vs market+$50

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

1.03

3 BR

1.10ratio

FMR$2,340

Market$2,120

vs market+$220

FMR is above market; underwrite to market rent.

1.10

4 BR

1.02ratio

FMR$2,760

Market$2,700

vs market+$60

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

1.02

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 23321 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23321 (Chesapeake, VA) is $1,700 a month. That is down 1.7% from $1,730 in FY 2026. Chesapeake 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 Suffolk City, 23321 has the 6th-highest two-bedroom rent (county range $1,290–$2,050). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23321 is 35% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23321
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,510	$1,500	−0.7%	$1,350–$1,650
1BR	$1,530	$1,520	−0.7%	$1,368–$1,672
2BR	$1,730	$1,700	−1.7%	$1,530–$1,870
3BR	$2,400	$2,340	−2.5%	$2,106–$2,574
4BR	$2,820	$2,760	−2.1%	$2,484–$3,036

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23321
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,500	$1,520	$1,700	$2,340	$2,760
FY 2026	$1,510	$1,530	$1,730	$2,400	$2,820
FY 2025	$1,500	$1,510	$1,730	$2,410	$2,870
FY 2024	$1,320	$1,330	$1,540	$2,140	$2,610
FY 2023	$1,140	$1,160	$1,360	$1,900	$2,320

Two-bedroom rent in nearby Suffolk City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 23321
23321Current	$1,700	—
23430	$1,420	−16.5%
23432	$1,660	−2.4%
23433	$1,980	+16.5%
23434	$1,540	−9.4%
23435	$2,050	+20.6%
23436	$2,020	+18.8%
23437	$1,290	−24.1%
23438	$1,800	+5.9%
23439	$1,720	+1.2%
23487	$1,430	−15.9%

Questions about ZIP 23321 rents

How much will Section 8 pay for a two-bedroom in ZIP 23321?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,700, that basic range is $1,530 to $1,870 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 23321 in?

ZIP 23321 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 23321 for FY 2027?

The two-bedroom FMR fell 1.7%, from $1,730 in FY 2026 to $1,700 in FY 2027. Since FY 2023 it has risen 25.0%.

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