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Chesapeake City/Chesapeake/23324

23324

ZIPSAFMR
Chesapeake City, VA
Zillow

ZIP Investment Score

138High yield potential

095130300
BRFMR
Eff. Rent
0 BR$1,250$1,380
1 BR$1,270$1,260
2 BR$1,420$1,510
3 BR$1,960$2,030
4 BR$2,310$2,390
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
$162,469

Cost breakdown

+Likely effective rent$1,510
HUD FMR$1,420
Market rent$1,560
Est. payment standard (106%)Used$1,510
-Principal and interest-$822
Loan amount$129,975
Down payment$32,494
Rate6.50%
Term30 years
-Operating costs-$488
Property taxes-$162
Insurance-$175
Utilities$0
HOA$0
Management-$151
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$24,349(74.9% ROI)
Projected value
$174,961
Return breakdown
Property appreciation+$12,492
Loan principal paid down+$4,657
Rental cash flow+$7,200
5-year hold
+$41,654(128.2% ROI)
Projected value
$183,819
Return breakdown
Property appreciation+$21,350
Loan principal paid down+$8,304
Rental cash flow+$12,000
10-year hold
+$89,292(274.8% ROI)
Projected value
$207,974
Return breakdown
Property appreciation+$45,505
Loan principal paid down+$19,787
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.83
1 BR
1.01
2 BR
0.91
3 BR
0.95
4 BR
0.95
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 23324 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23324 (Chesapeake, VA) is $1,420 a month. That is down 2.7% from $1,460 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 13 ZIP codes in Chesapeake City, 23324 has the 13th-highest two-bedroom rent (county range $1,420–$2,120). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23324 is 13% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23324
BedroomsFY 2027Change90–110% range
Studio$1,250−1.6%$1,125–$1,375
1BR$1,270−1.6%$1,143–$1,397
2BR$1,420−2.7%$1,278–$1,562
3BR$1,960−3.0%$1,764–$2,156
4BR$2,310−2.9%$2,079–$2,541

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23324
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,250$1,270$1,420$1,960$2,310
FY 2026$1,270$1,290$1,460$2,020$2,380
FY 2025$1,240$1,250$1,430$1,990$2,370
FY 2024$1,080$1,090$1,260$1,750$2,140
FY 2023$1,010$1,030$1,200$1,680$2,040

Two-bedroom rent in nearby Chesapeake City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 23324
23320$2,100+47.9%
23321$1,700+19.7%
23322$2,120+49.3%
23323$1,930+35.9%
23324Current$1,420—
23325$1,660+16.9%
23326$1,790+26.1%
23327$1,790+26.1%
23328$1,790+26.1%
23435$2,050+44.4%
23464$1,930+35.9%
23702$1,430+0.7%

Questions about ZIP 23324 rents

How much will Section 8 pay for a two-bedroom in ZIP 23324?

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 23324 in?

ZIP 23324 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 23324 for FY 2027?

The two-bedroom FMR fell 2.7%, from $1,460 in FY 2026 to $1,420 in FY 2027. Since FY 2023 it has risen 18.3%.

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

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