Location: Accomack County, VA | Metro: Accomack County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP code 23359 presents a nuanced scenario for both landlords and small-portfolio investors. Anchoring our analysis on the median home value of $169,974, we observe that the percentage of listings being reduced and the median days on market (DOM) are currently unavailable. However, this median home value suggests a market where affordability is a significant factor, potentially indicating strong demand from first-time buyers and investors looking for entry-level opportunities.
On the rental side, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is projected at $960, while the current market rent stands at $1,118. This gap between FMR and actual market rents signals a potential correction in the future. Investors should prepare for a scenario where rental rates may trend closer to the FMR, possibly due to increased supply or changes in local economic conditions that affect tenants' ability to pay higher rents.
For long-term hold investors, the setup implied by the current data suggests a cautious approach regarding appreciation expectations. Given the median home value and the dynamics on the rental side, it's unlikely that rapid appreciation will occur over the next 12-24 months. The market appears to be stable, with a slight bias towards maintaining current values rather than experiencing significant growth. This stability can be advantageous for those seeking consistent cash flow through rentals, but less so for those hoping for substantial capital gains.
In summary, the combination of an affordable median home value and a rental market that exceeds the FMR indicates a need for strategic planning. Investors should focus on properties that offer good rental yields relative to their purchase price and consider diversifying their portfolios to mitigate risks associated with potential rental rate adjustments. The data points towards a market where steady returns are more likely than explosive growth, making it suitable for those who prioritize reliability and consistency in their investments.
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.