Location: Northampton County, VA | Metro: Accomack County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
U.S. Census Bureau data (2024)
When evaluating whether to invest in ZIP code 23350 for Section 8 properties, follow this decision tree:
1) Does FMR $910 (metro FY 2026) clear debt service on a $193,805 property?
No: The Fair Market Rent (FMR) of $910 does not cover the debt service on a $193,805 property. Debt service typically includes principal and interest payments on a mortgage. Given that the median FMR is below the typical monthly mortgage payment for a property of this value, investing in this area would likely result in financial losses.
Yes: This scenario assumes that the debt service on a $193,805 property is less than $910 per month. However, based on the given data, this is unlikely without significant equity or favorable financing terms.
2) Is market rent $756 (Census ACS) above, at, or below FMR?
Below FMR: The market rent of $756 is below the FMR of $910. This indicates that the rental market is undervalued compared to the government's benchmark for affordability. Landlords might find it difficult to charge higher rents without losing tenants who rely on Section 8 vouchers.
At or Above FMR: This case is not applicable as the market rent is below the FMR. However, if market rent were equal to or above FMR, it would suggest a more balanced rental market where landlords can potentially charge closer to the FMR without alienating voucher holders.
3) Are 43.4% renters + N/A-day DOM enough demand?
It Depends: With 43.4% of the population being renters, there is a significant demand for rental housing. However, the lack of data on days on market (DOM) makes it challenging to assess the speed at which properties are rented. A high DOM could indicate weak demand, while a low DOM suggests strong demand. Without DOM data, landlords must consider other factors such as vacancy rates, local employment trends, and demographic shifts to make an informed decision.
In conclusion, ZIP code 23350 presents challenges for Section 8 investment due to the FMR not covering the debt service on a $193,805 property and the market rent being below the FMR. The presence of 43.4% renters suggests demand, but the absence of DOM data leaves uncertainty about how quickly units can be leased. Landlords should carefully weigh these factors before deciding to invest.
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.