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Norfolk City/Norfolk/23502

23502

ZIPSAFMR
Norfolk City, VA
Zillow

ZIP Investment Score

127Above average

095130300
BRFMR
Eff. Rent
0 BR$1,370$1,160
1 BR$1,380$1,180
2 BR$1,550$1,700
3 BR$2,140$2,050
4 BR$2,520$2,430
5 BR$2,898Not available
6 BR$3,333Not available
7 BR$3,833Not available
8 BR$4,407Not available

Purchase Price Calculator

Maximum purchase price
$190,703

Cost breakdown

+Likely effective rent$1,700
HUD FMR$1,550
Market rent$1,780
Est. payment standard (110%)Used$1,700
-Principal and interest-$964
Loan amount$152,562
Down payment$38,141
Rate6.50%
Term30 years
-Operating costs-$536
Property taxes-$191
Insurance-$175
Utilities$0
HOA$0
Management-$170
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$27,329(71.7% ROI)
Projected value
$205,366
Return breakdown
Property appreciation+$14,663
Loan principal paid down+$5,466
Rental cash flow+$7,200
5-year hold
+$46,807(122.7% ROI)
Projected value
$215,763
Return breakdown
Property appreciation+$25,060
Loan principal paid down+$9,747
Rental cash flow+$12,000
10-year hold
+$100,639(263.9% ROI)
Projected value
$244,116
Return breakdown
Property appreciation+$53,413
Loan principal paid down+$23,226
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.18
1 BR
1.17
2 BR
0.87
3 BR
1.04
4 BR
1.04
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 23502 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23502 (Norfolk, VA) is $1,550 a month. That is down 1.9% from $1,580 in FY 2026. Norfolk 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 20 ZIP codes in Norfolk City, 23502 has the 11th-highest two-bedroom rent (county range $1,400–$2,360). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23502 is 23% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23502
BedroomsFY 2027Change90–110% range
Studio$1,370−0.7%$1,233–$1,507
1BR$1,380−0.7%$1,242–$1,518
2BR$1,550−1.9%$1,395–$1,705
3BR$2,140−2.3%$1,926–$2,354
4BR$2,520−2.3%$2,268–$2,772

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23502
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,370$1,380$1,550$2,140$2,520
FY 2026$1,380$1,390$1,580$2,190$2,580
FY 2025$1,370$1,380$1,580$2,200$2,620
FY 2024$1,220$1,230$1,430$1,990$2,430
FY 2023$1,090$1,110$1,300$1,820$2,210

Two-bedroom rent in nearby Norfolk City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 23502
23501$1,510−2.6%
23502Current$1,550—
23503$1,530−1.3%
23504$1,410−9.0%
23505$1,600+3.2%
23507$1,660+7.1%
23508$1,640+5.8%
23509$1,560+0.6%
23510$1,870+20.6%
23511$2,360+52.3%
23513$1,530−1.3%
23514$1,510−2.6%

Questions about ZIP 23502 rents

How much will Section 8 pay for a two-bedroom in ZIP 23502?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,550, that basic range is $1,395 to $1,705 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 23502 in?

ZIP 23502 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 23502 for FY 2027?

The two-bedroom FMR fell 1.9%, from $1,580 in FY 2026 to $1,550 in FY 2027. Since FY 2023 it has risen 19.2%.

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