Location: Accomack County, VA | Metro: Accomack County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
The ZIP code 23358 is situated in a predominantly owner-occupied neighborhood, with a total population of 236 residents. Notably, there are no renters reported, indicating a community where homeownership is the norm. The median household income in this area stands at $66,250, suggesting a middle-class demographic. However, it's important to note that the median home value is not available, which could imply limited data on residential property values.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for the metro area as of fiscal year 2026 is set at $960. This figure represents the government's benchmark for determining the affordability of housing units under the Section 8 program. Unfortunately, specific market rent data for ZIP 23358 is also unavailable, making it challenging to compare the FMR with local rental prices directly.
Given the characteristics of ZIP 23358, it would be difficult for a hands-off Section 8 voucher operator to find suitable opportunities in this area. The lack of renters suggests that there are few properties participating in the Section 8 program, and the absence of market rent data complicates the assessment of potential rental income. On the other hand, for a hands-on value-add buyer, this ZIP code might present an opportunity to convert owner-occupied homes into rental properties, especially if the goal is to cater to low-income families eligible for Section 8 vouchers. However, such a strategy would require significant effort in acquiring properties and navigating the complexities of the Section 8 program.
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.