Section 8 Fair Market Rent (FMR) for ZIP 23356 - 2027

Location: Accomack County, VA | Metro: Accomack County, VA

Investment Score for ZIP 23356

N/A

Monthly Rent (2BR)

$1,240

Median Price (2BR)

$N/A

1% Rule

Annual Yield

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$870
1 Bedroom	$980
2 Bedrooms	$1,240
3 Bedrooms	$1,520
4 Bedrooms	$1,700
5 Bedrooms	$1,972
6 Bedrooms	$2,209
7 Bedrooms	$2,386
8 Bedrooms	$2,505

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$1,520	$312,759	0.49%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,628

Median Household Income

$101,855

Housing Units

1,274

Renter Percentage

3.4%

Occupancy Rate

58.4%

Renter Occupied

The ZIP code 23356, located in Virginia Beach, VA, is a desirable coastal area known for its proximity to the beach and various amenities that cater to both residents and tourists. This region offers a mix of suburban and rural landscapes, providing a comfortable living environment for families and individuals alike.

The Fair Market Rent (FMR) for a two-bedroom apartment in the Virginia Beach metro area for fiscal year 2026 is set at $1,220.
The median home value in ZIP 23356 stands at $315,794, indicating a moderate to high-value housing market.
Renters make up only 3.4% of the population, which suggests a preference for homeownership over renting.
The median household income in the area is $101,855, reflecting a relatively affluent community.
Note that specific data points such as market rent and days on market (DOM) are currently unavailable, which may require further investigation for accurate investment decisions.

In summary, ZIP 23356 presents a market where fair market rents are well-defined but rental demand is low due to the high renter share. The area's median home values indicate a strong housing market, while the median income figure shows that residents have the financial capability to support higher rents or home values. Landlords and small-portfolio investors should be cautious about relying solely on FMR for setting rents, as the local rental market dynamics might differ significantly. Further research into local rental trends and competition is advised to maximize returns.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.