Location: Accomack County, VA | Metro: Accomack County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
The ZIP code 23302, located in Accomack County, VA, is well-suited as a diversifier within a Section 8 portfolio strategy. This area boasts a 100.0% renter share, making it an ideal candidate for properties eligible under the Section 8 program.
A key advantage of including 23302 in your portfolio is the significant gap between the Fair Market Rent (FMR) for the $1,050 metro area for fiscal year 2026 and the local market conditions. The median home value and median income data were not available at the time of this analysis, but the high renter share indicates a strong demand for rental housing.
Given that the majority of residents are renters, there is a consistent need for affordable housing options. Section 8 properties can reliably fill this demand, providing steady cash flow and reducing the risk of vacancy. The lack of homeownership also suggests that the area may not be experiencing rapid appreciation, making it less of an appreciation play and more of a stable income generator.
In summary, ZIP 23302 serves as a diversifier due to its high renter share, ensuring a robust tenant pool for Section 8 properties. This ZIP code can help balance a portfolio by offering dependable rental income in a market with stable property values.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.