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Norfolk City/Norfolk/23505

23505

ZIPSAFMR
Norfolk City, VA
Zillow

ZIP Investment Score

128Above average

095130300
BRFMR
Eff. Rent
0 BR$1,410$1,270
1 BR$1,430$1,360
2 BR$1,600$1,610
3 BR$2,210$2,160
4 BR$2,600$2,620
5 BR$2,990Not available
6 BR$3,438Not available
7 BR$3,954Not available
8 BR$4,547Not available

Purchase Price Calculator

Maximum purchase price
$177,329

Cost breakdown

+Likely effective rent$1,610
HUD FMR$1,600
Market rent$1,610
Est. payment standard (100%)Used$1,610
-Principal and interest-$897
Loan amount$141,863
Down payment$35,466
Rate6.50%
Term30 years
-Operating costs-$513
Property taxes-$177
Insurance-$175
Utilities$0
HOA$0
Management-$161
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$25,918(73.1% ROI)
Projected value
$190,964
Return breakdown
Property appreciation+$13,635
Loan principal paid down+$5,083
Rental cash flow+$7,200
5-year hold
+$44,366(125.1% ROI)
Projected value
$200,631
Return breakdown
Property appreciation+$23,302
Loan principal paid down+$9,064
Rental cash flow+$12,000
10-year hold
+$95,264(268.6% ROI)
Projected value
$226,996
Return breakdown
Property appreciation+$49,667
Loan principal paid down+$21,597
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.11
1 BR
1.05
2 BR
0.99
3 BR
1.02
4 BR
0.99
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 23505 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23505 (Norfolk, VA) is $1,600 a month. That is down 3.0% from $1,650 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, 23505 has the 9th-highest two-bedroom rent (county range $1,400–$2,360). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23505 is 27% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23505
BedroomsFY 2027Change90–110% range
Studio$1,410−2.1%$1,269–$1,551
1BR$1,430−2.1%$1,287–$1,573
2BR$1,600−3.0%$1,440–$1,760
3BR$2,210−3.5%$1,989–$2,431
4BR$2,600−3.3%$2,340–$2,860

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23505
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,410$1,430$1,600$2,210$2,600
FY 2026$1,440$1,460$1,650$2,290$2,690
FY 2025$1,390$1,400$1,600$2,230$2,650
FY 2024$1,210$1,220$1,410$1,960$2,390
FY 2023$1,070$1,090$1,270$1,770$2,160

Two-bedroom rent in nearby Norfolk City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 23505
23501$1,510−5.6%
23502$1,550−3.1%
23503$1,530−4.4%
23504$1,410−11.9%
23505Current$1,600—
23507$1,660+3.8%
23508$1,640+2.5%
23509$1,560−2.5%
23510$1,870+16.9%
23511$2,360+47.5%
23513$1,530−4.4%
23514$1,510−5.6%

Questions about ZIP 23505 rents

How much will Section 8 pay for a two-bedroom in ZIP 23505?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,600, that basic range is $1,440 to $1,760 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 23505 in?

ZIP 23505 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 23505 for FY 2027?

The two-bedroom FMR fell 3.0%, from $1,650 in FY 2026 to $1,600 in FY 2027. Since FY 2023 it has risen 26.0%.

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