Location: Accomack County, VA | Metro: Accomack County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
U.S. Census Bureau data (2024)
The ZIP code 23306 stands out due to its unique mix of economic indicators that set it apart from many other areas. With a total population of 1,729 residents, only 19.2% are renters, indicating a predominantly owner-occupied market. The median income here is relatively high at $108,438, which suggests a financially stable community. Furthermore, the median home value in this area is $304,563, reflecting a robust housing market.
When it comes to Section 8 vouchers, the financial landscape becomes particularly interesting. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,260, while the actual market rent, according to the Census ACS, is significantly lower at $811. This disparity presents an opportunity for landlords and small-portfolio investors who can leverage the higher FMR to secure better rental income through Section 8 tenants, even as they cater to a market where rents are generally lower.
The data signature for ZIP 23306 reads as stable, with a strong median income and home values suggesting little likelihood of sudden economic shifts. However, the low percentage of renters indicates a market that might be less receptive to rental programs like Section 8. Despite this, the potential for higher rental income through Section 8 vouchers could attract more landlords into the rental sector, potentially making the ZIP code's rental market more transitional over time as the balance between homeownership and rentals shifts.
To summarize, ZIP 23306 offers a solid foundation for investment, with a stable economy and high median incomes. For those interested in Section 8 properties, the gap between the FMR and the market rent provides a compelling incentive to consider this ZIP code for rental opportunities. While currently stable, the dynamics of the rental market could indicate a gradual transition towards a more balanced mix of homeowners and renters.
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.