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Norfolk City/Norfolk/23518

23518

ZIPSAFMR
Norfolk City, VA
Zillow

ZIP Investment Score

112Above average

095130300
BRFMR
Eff. Rent
0 BR$1,440$1,110
1 BR$1,450$1,090
2 BR$1,630$1,600
3 BR$2,250$2,020
4 BR$2,650$2,570
5 BR$3,047Not available
6 BR$3,505Not available
7 BR$4,030Not available
8 BR$4,635Not available

Purchase Price Calculator

Maximum purchase price
$175,843

Cost breakdown

+Likely effective rent$1,600
HUD FMR$1,630
Market rentUsed$1,600
Est. payment standard (99%)$1,610
-Principal and interest-$889
Loan amount$140,674
Down payment$35,169
Rate6.50%
Term30 years
-Operating costs-$511
Property taxes-$176
Insurance-$175
Utilities$0
HOA$0
Management-$160
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$25,761(73.2% ROI)
Projected value
$189,364
Return breakdown
Property appreciation+$13,521
Loan principal paid down+$5,040
Rental cash flow+$7,200
5-year hold
+$44,095(125.4% ROI)
Projected value
$198,950
Return breakdown
Property appreciation+$23,107
Loan principal paid down+$8,988
Rental cash flow+$12,000
10-year hold
+$94,667(269.2% ROI)
Projected value
$225,094
Return breakdown
Property appreciation+$49,251
Loan principal paid down+$21,416
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.30
1 BR
1.33
2 BR
1.02
3 BR
1.11
4 BR
1.03
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 23518 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23518 (Norfolk, VA) is $1,630 a month. That is down 1.8% from $1,660 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, 23518 has the 7th-highest two-bedroom rent (county range $1,400–$2,360). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23518 is 29% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23518
BedroomsFY 2027Change90–110% range
Studio$1,440−0.7%$1,296–$1,584
1BR$1,450−1.4%$1,305–$1,595
2BR$1,630−1.8%$1,467–$1,793
3BR$2,250−2.2%$2,025–$2,475
4BR$2,650−2.2%$2,385–$2,915

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23518
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,440$1,450$1,630$2,250$2,650
FY 2026$1,450$1,470$1,660$2,300$2,710
FY 2025$1,390$1,400$1,600$2,230$2,650
FY 2024$1,200$1,210$1,400$1,950$2,370
FY 2023$1,050$1,070$1,250$1,750$2,130

Two-bedroom rent in nearby Norfolk City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 23518
23507$1,660+1.8%
23508$1,640+0.6%
23509$1,560−4.3%
23510$1,870+14.7%
23511$2,360+44.8%
23513$1,530−6.1%
23514$1,510−7.4%
23515$1,510−7.4%
23517$1,620−0.6%
23518Current$1,630—
23523$1,400−14.1%
23529$1,510−7.4%

Questions about ZIP 23518 rents

How much will Section 8 pay for a two-bedroom in ZIP 23518?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,630, that basic range is $1,467 to $1,793 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 23518 in?

ZIP 23518 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 23518 for FY 2027?

The two-bedroom FMR fell 1.8%, from $1,660 in FY 2026 to $1,630 in FY 2027. Since FY 2023 it has risen 30.4%.

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 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