23529

ZIPSAFMR

Norfolk City, VA

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,330	$1,180	4.4%
1 BR	$1,350	$1,400	4.6%
2 BR	$1,510	$1,610	3.3%
3 BR	$2,080	$2,080	2.9%
4 BR	$2,450	$2,610	1.8%
5 BR	$2,818	Not available	1.8%
6 BR	$3,240	Not available	1.8%
7 BR	$3,726	Not available	1.8%
8 BR	$4,285	Not available	1.8%

Purchase Price Calculator

Maximum purchase price

$177,329

Cost breakdown

+Likely effective rent$1,610

HUD FMR$1,510

Market rent$1,670

Est. payment standard (107%)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

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

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

Rolodex

Market Alignment

Studio

1.13ratio

FMR$1,330

Market$1,180

vs market+$150

FMR is above market; underwrite to market rent.

1.13

1 BR

0.94ratio

FMR$1,350

Market$1,430

vs market-$80

FMR is near market; voucher and private rents are aligned.

0.94

2 BR

0.90ratio

FMR$1,510

Market$1,670

vs market-$160

FMR is near market; voucher and private rents are aligned.

0.90

3 BR

1.00ratio

FMR$2,080

Market$2,080

vs market+$0

FMR is near market; voucher and private rents are aligned.

1.00

4 BR

0.91ratio

FMR$2,450

Market$2,700

vs market-$250

FMR is near market; voucher and private rents are aligned.

0.91

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 23529 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23529 (Norfolk, VA) is $1,510 a month. That is down 2.6% from $1,550 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, 23529 is tied for the 14th-highest two-bedroom rent (county range $1,400–$2,360). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23529 is 20% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23529
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,350	$1,330	−1.5%	$1,197–$1,463
1BR	$1,370	$1,350	−1.5%	$1,215–$1,485
2BR	$1,550	$1,510	−2.6%	$1,359–$1,661
3BR	$2,150	$2,080	−3.3%	$1,872–$2,288
4BR	$2,530	$2,450	−3.2%	$2,205–$2,695

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23529
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,330	$1,350	$1,510	$2,080	$2,450
FY 2026	$1,350	$1,370	$1,550	$2,150	$2,530
FY 2025	$1,340	$1,350	$1,540	$2,140	$2,550
FY 2024	$1,170	$1,180	$1,370	$1,910	$2,320
FY 2023	$1,020	$1,030	$1,210	$1,690	$2,060

Two-bedroom rent in nearby Norfolk City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 23529
23508	$1,640	+8.6%
23509	$1,560	+3.3%
23510	$1,870	+23.8%
23511	$2,360	+56.3%
23513	$1,530	+1.3%
23514	$1,510	0.0%
23515	$1,510	0.0%
23517	$1,620	+7.3%
23518	$1,630	+7.9%
23523	$1,400	−7.3%
23529Current	$1,510	—
23541	$1,510	0.0%

Questions about ZIP 23529 rents

How much will Section 8 pay for a two-bedroom in ZIP 23529?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,510, that basic range is $1,359 to $1,661 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 23529 in?

ZIP 23529 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 23529 for FY 2027?

The two-bedroom FMR fell 2.6%, from $1,550 in FY 2026 to $1,510 in FY 2027. Since FY 2023 it has risen 24.8%.

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 rent Norfolk, VA fair market rent VA statewide rents What is SAFMR?Data sources