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
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Mortgage rate
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ZIP 23397 fair market rent, FY 2027
For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 23397 (Isle of Wight, VA) is $1,667 a month. That is down 2.7% from $1,713 in FY 2026. Isle of Wight 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. The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23397 is 32% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 23397
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,492
$1,470
−1.5%
$1,323–$1,617
1BR
$1,512
$1,488
−1.6%
$1,339–$1,637
2BR
$1,713
$1,667
−2.7%
$1,500–$1,834
3BR
$2,376
$2,298
−3.3%
$2,068–$2,528
4BR
$2,797
$2,710
−3.1%
$2,439–$2,981
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 23397
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,470
$1,488
$1,667
$2,298
$2,710
FY 2026
$1,492
$1,512
$1,713
$2,376
$2,797
FY 2025
$1,475
$1,483
$1,696
$2,361
$2,809
FY 2024
$1,279
$1,287
$1,493
$2,079
$2,532
FY 2023
$1,116
$1,137
$1,329
$1,857
$2,264
Questions about ZIP 23397 rents
How much will Section 8 pay for a two-bedroom in ZIP 23397?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,667, that basic range is $1,500 to $1,834 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 23397 in?
ZIP 23397 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 23397 for FY 2027?
The two-bedroom FMR fell 2.7%, from $1,713 in FY 2026 to $1,667 in FY 2027. Since FY 2023 it has risen 25.4%.
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 Fair Market Rents. 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