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Newport News City/Newport News/23603

23603

ZIPSAFMR
Newport News City, VA
Zillow

ZIP Investment Score

150High yield potential

095130300
BRFMR
Eff. Rent
0 BR$1,420$1,380
1 BR$1,440$1,470
2 BR$1,610$1,660
3 BR$2,220$2,070
4 BR$2,620$2,480
5 BR$3,013Not available
6 BR$3,465Not available
7 BR$3,985Not available
8 BR$4,582Not available

Purchase Price Calculator

Maximum purchase price
$184,759

Cost breakdown

+Likely effective rent$1,660
HUD FMR$1,610
Market rent$1,690
Est. payment standard (103%)Used$1,660
-Principal and interest-$934
Loan amount$147,807
Down payment$36,952
Rate6.50%
Term30 years
-Operating costs-$526
Property taxes-$185
Insurance-$175
Utilities$0
HOA$0
Management-$166
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$26,702(72.3% ROI)
Projected value
$198,965
Return breakdown
Property appreciation+$14,206
Loan principal paid down+$5,296
Rental cash flow+$7,200
5-year hold
+$45,722(123.7% ROI)
Projected value
$209,038
Return breakdown
Property appreciation+$24,279
Loan principal paid down+$9,443
Rental cash flow+$12,000
10-year hold
+$98,250(265.9% ROI)
Projected value
$236,507
Return breakdown
Property appreciation+$51,748
Loan principal paid down+$22,502
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.03
1 BR
0.97
2 BR
0.95
3 BR
1.07
4 BR
1.06
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 23603 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23603 (Newport News, VA) is $1,610 a month. That is down 5.3% from $1,700 in FY 2026. Newport News 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 12 ZIP codes in Newport News City, 23603 has the 5th-highest two-bedroom rent (county range $1,140–$2,100). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23603 is 28% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23603
BedroomsFY 2027Change90–110% range
Studio$1,420−4.1%$1,278–$1,562
1BR$1,440−4.0%$1,296–$1,584
2BR$1,610−5.3%$1,449–$1,771
3BR$2,220−5.9%$1,998–$2,442
4BR$2,620−5.8%$2,358–$2,882

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23603
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,420$1,440$1,610$2,220$2,620
FY 2026$1,480$1,500$1,700$2,360$2,780
FY 2025$1,450$1,460$1,670$2,320$2,770
FY 2024$1,280$1,280$1,490$2,080$2,530
FY 2023$1,100$1,120$1,310$1,830$2,230

Two-bedroom rent in nearby Newport News City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 23603
23601$1,450−9.9%
23602$1,780+10.6%
23603Current$1,610—
23604$2,100+30.4%
23605$1,380−14.3%
23606$1,690+5.0%
23607$1,390−13.7%
23608$1,520−5.6%
23609$1,500−6.8%
23612$1,500−6.8%
23666$1,840+14.3%
23690$1,140−29.2%

Questions about ZIP 23603 rents

How much will Section 8 pay for a two-bedroom in ZIP 23603?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,610, that basic range is $1,449 to $1,771 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 23603 in?

ZIP 23603 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 23603 for FY 2027?

The two-bedroom FMR fell 5.3%, from $1,700 in FY 2026 to $1,610 in FY 2027. Since FY 2023 it has risen 22.9%.

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