23606

ZIPSAFMR

Newport News City, VA

ZIP Investment Score

109Above average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,490	$1,350	6.3%
1 BR	$1,510	$1,380	6.5%
2 BR	$1,690	$1,740	5.2%
3 BR	$2,330	$2,080	4.9%
4 BR	$2,750	$2,610	3.8%
5 BR	$3,162	Not available	3.8%
6 BR	$3,637	Not available	3.8%
7 BR	$4,182	Not available	3.8%
8 BR	$4,810	Not available	3.8%

Purchase Price Calculator

Maximum purchase price

$196,647

Cost breakdown

+Likely effective rent$1,740

HUD FMR$1,690

Market rent$1,760

Est. payment standard (103%)Used$1,740

-Principal and interest-$994

Loan amount$157,317

Down payment$39,329

Rate6.50%

Term30 years

-Operating costs-$546

Property taxes-$197

Insurance-$175

Utilities$0

HOA$0

Management-$174

=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

+$27,957(71.1% ROI)

Projected value

$211,767

Return breakdown

Property appreciation+$15,120

Loan principal paid down+$5,636

Rental cash flow+$7,200

5-year hold

+$47,892(121.8% ROI)

Projected value

$222,488

Return breakdown

Property appreciation+$25,841

Loan principal paid down+$10,051

Rental cash flow+$12,000

10-year hold

+$103,028(262.0% ROI)

Projected value

$251,725

Return breakdown

Property appreciation+$55,078

Loan principal paid down+$23,950

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.10ratio

FMR$1,490

Market$1,350

vs market+$140

FMR is above market; underwrite to market rent.

1.10

1 BR

1.09ratio

FMR$1,510

Market$1,380

vs market+$130

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

1.09

2 BR

0.96ratio

FMR$1,690

Market$1,760

vs market-$70

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

0.96

3 BR

1.12ratio

FMR$2,330

Market$2,080

vs market+$250

FMR is above market; underwrite to market rent.

1.12

4 BR

1.05ratio

FMR$2,750

Market$2,610

vs market+$140

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

1.05

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 23606 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23606 (Newport News, VA) is $1,690 a month. That is down 2.3% from $1,730 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, 23606 has the 4th-highest two-bedroom rent (county range $1,140–$2,100). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23606 is 34% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23606
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,510	$1,490	−1.3%	$1,341–$1,639
1BR	$1,530	$1,510	−1.3%	$1,359–$1,661
2BR	$1,730	$1,690	−2.3%	$1,521–$1,859
3BR	$2,400	$2,330	−2.9%	$2,097–$2,563
4BR	$2,820	$2,750	−2.5%	$2,475–$3,025

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23606
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,490	$1,510	$1,690	$2,330	$2,750
FY 2026	$1,510	$1,530	$1,730	$2,400	$2,820
FY 2025	$1,440	$1,450	$1,660	$2,310	$2,750
FY 2024	$1,240	$1,250	$1,450	$2,020	$2,460
FY 2023	$1,090	$1,110	$1,300	$1,820	$2,210

Two-bedroom rent in nearby Newport News City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 23606
23601	$1,450	−14.2%
23602	$1,780	+5.3%
23603	$1,610	−4.7%
23604	$2,100	+24.3%
23605	$1,380	−18.3%
23606Current	$1,690	—
23607	$1,390	−17.8%
23608	$1,520	−10.1%
23609	$1,500	−11.2%
23612	$1,500	−11.2%
23666	$1,840	+8.9%
23690	$1,140	−32.5%

Questions about ZIP 23606 rents

How much will Section 8 pay for a two-bedroom in ZIP 23606?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,690, that basic range is $1,521 to $1,859 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 23606 in?

ZIP 23606 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 23606 for FY 2027?

The two-bedroom FMR fell 2.3%, from $1,730 in FY 2026 to $1,690 in FY 2027. Since FY 2023 it has risen 30.0%.

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