Section 8 Fair Market Rent (FMR) for ZIP 23357 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$760
1 Bedroom	$860
2 Bedrooms	$1,080
3 Bedrooms	$1,330
4 Bedrooms	$1,480
5 Bedrooms	$1,717
6 Bedrooms	$1,923
7 Bedrooms	$2,077
8 Bedrooms	$2,181

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

890

Median Household Income

$N/A

Housing Units

292

Renter Percentage

40.2%

Occupancy Rate

87.7%

Renter Occupied

103

The ZIP code 23357 encompasses the small community of Chase Crossing in Virginia. This rural area is characterized by its modest population and diverse economic activities.

The Fair Market Rent (FMR) for ZIP 23357 is $1,020 (as of metro FY 2026).
The median home value in the area is $189,474, providing a stable foundation for real estate investments.
Renters make up 40.2% of the housing market, indicating a significant demand for rental properties.
The median household income is $45,803, reflecting the economic profile of the residents.
The local economy is primarily driven by natural resources, construction, and maintenance sectors, which employ 121 individuals out of the total 362 civilian workforce.

For landlords and small-portfolio investors, ZIP 23357 presents a balanced opportunity. With a fair market rent of $1,020 and a median home value of $189,474, the area supports both rental and homeownership investments. The substantial renter share of 40.2% suggests a robust market for rental properties. However, the median income being relatively lower at $45,803 implies that the rental rates should remain competitive to attract tenants. The strong presence of construction and natural resources jobs offers a steady employment base, which can support property values and occupancy rates.

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.