FY2027 Small Area FMR · Portsmouth, VA

ZIP 23704 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 23704 (Portsmouth, VA) is $1,560 a month, down 4.9% from FY2026. That is 6% below the Virginia Beach-Norfolk-Newport News, VA-NC area-wide FMR of $1,667.

2-bedroom SAFMR$1,560per month ▼ 4.9%

Area-wide 2 BR FMR$1,667Virginia Beach-Norfolk-Newpo

Rank in the area75thof 152 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,404

2 BR Small Area FMR$1,560

110% of SAFMR$1,716

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$1,380▼ 3.5%

1 BR$1,390▼ 4.1%

2 BR$1,560▼ 4.9%

3 BR$2,150▼ 5.3%

4 BR$2,540▼ 5.2%

FY2027 FY2026

Where 23704 sits in the Virginia Beach-Norfolk-Newport News, VA-NC area

Of the 152 ZIP codes HUD lists for the area, 23704 has the 75th highest two-bedroom Small Area FMR. Virginia Beach-Norfolk-Newport News, VA-NC is one of the 65 metro areas where HUD requires Small Area FMRs for the Housing Choice Voucher program (designated 2023), so local housing agencies must set payment standards from this ZIP code's figure, normally between $1,404 and $1,716 for two bedrooms.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$1,380	$1,242 – $1,518	$1,470	$1,430
1 bedroom	$1,390	$1,251 – $1,529	$1,488	$1,450
2 bedrooms	$1,560	$1,404 – $1,716	$1,667	$1,640
3 bedrooms	$2,150	$1,935 – $2,365	$2,298	$2,270
4 bedrooms	$2,540	$2,286 – $2,794	$2,710	$2,680

A household renting a two-bedroom home at the Small Area FMR of $1,560 needs about $62,400 a year to keep housing costs at 30% of income. The area median family income is $107,700 and the 80% low-income limit for four people is $86,150. ZIP code 23704 lies mainly in Portsmouth city. See the Virginia Beach-Norfolk-Newport News, VA-NC metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
23709	Portsmouth	0.8 mi	$1,520
23708	Portsmouth	1.7 mi	$1,590
23702	Portsmouth	2.0 mi	$1,430
23707	Portsmouth	2.1 mi	$1,320
23523	Norfolk	2.2 mi	$1,400
23510	Norfolk	2.2 mi	$1,870

Questions

What is the Fair Market Rent for ZIP code 23704?

HUD's FY2027 Small Area Fair Market Rents for 23704 are $1,380 (studio), $1,390 (1 BR), $1,560 (2 BR), $2,150 (3 BR) and $2,540 (4 BR) a month.

What is the Section 8 payment standard in 23704?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 23704 that range is $1,404 to $1,716 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 23704?

The FY2026 income limits of the Virginia Beach-Norfolk-Newport News, VA-NC area apply: median family income $107,700, low-income (80%) limit $86,150 for a family of four.