Location: Accomack County, VA | Metro: Accomack County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 23308, located in Accomack County, VA, reveals several key points for potential landlords and small-portfolio investors.
The first question is whether the rent math works. The Fair Market Rent (FMR) for the area in fiscal year 2026 is set at $1,070. This figure closely aligns with the current market rent of $1,063 according to the Census ACS. Given this near parity, it suggests that rental properties priced around these figures should perform well, assuming they meet local standards and amenities.
Regarding the affordability of acquisition, the median home value stands at $196,436. However, due to the lack of data on days on market (DOM) and the percentage of homes needing price cuts, it's challenging to provide a definitive assessment on how quickly homes might sell or if they require significant discounts. Nonetheless, the median home value indicates that property acquisition is relatively affordable compared to other metropolitan areas.
The third point concerns tenant demand. With a total population of 2,370 and a renter share of 29.4%, there is a notable segment of the population seeking rental housing. This percentage translates to approximately 700 renters, which could be sufficient to sustain rental properties in the area, especially considering the competitive market rent close to the FMR.
In conclusion, ZIP 23308 presents a viable opportunity for real estate investment, particularly in rental properties. The rent math works due to the alignment between the FMR and market rent, indicating a stable rental market. Acquisition appears affordable based on the median home value, though more data on sales dynamics would be beneficial. Lastly, the tenant demand, while not overwhelming, is steady enough to support rental investments. Investors should proceed with confidence but also consider the need for competitive offerings to attract tenants.
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.