Location: Accomack County, VA | Metro: Accomack County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,160 |
| 2 Bedrooms | $1,430 |
| 3 Bedrooms | $1,850 |
| 4 Bedrooms | $2,090 |
| 5 Bedrooms | $2,424 |
| 6 Bedrooms | $2,715 |
| 7 Bedrooms | $2,932 |
| 8 Bedrooms | $3,079 |
U.S. Census Bureau data (2024)
The ZIP code 23401, located within Accomack County, VA, presents an interesting comparison when juxtaposed against typical metrics for the county's ZIP codes. With a Fair Market Rent (FMR) of $1,580 for fiscal year 2026, it closely aligns with the metro's average, indicating that rental prices here are neither exceptionally low nor high. The market rent figure for 23401 stands at $1,520, slightly below the FMR, suggesting a modest discount on the average rental price in the area.
A notable characteristic of 23401 is its substantial renter share of 50.4%. This percentage is indicative of a significant portion of the population choosing to rent rather than own property, which can be beneficial for landlords and small-portfolio investors looking to capitalize on the demand for rental housing. The absence of a home value figure for 23401 implies that there might be limited data on homeownership within this ZIP code, potentially due to a higher concentration of renters over homeowners.
Given the specific figures, 23401 appears to be a mid-tier neighborhood within its metro. It does not offer the lowest rents, which would typically characterize a value pocket, nor does it command premium rents that would signal a high-end sub-market. Instead, the rental prices hover around the average, making it a moderate choice for both tenants and landlords.
The high renter share combined with the lack of home value data suggests that 23401 could be a sweet spot for Section 8 housing. In many areas, a high proportion of renters alongside lower-than-average home values often indicates a location where Section 8 vouchers are commonly used. While we cannot definitively state the prevalence of Section 8 usage without additional data, the characteristics of 23401 suggest it is likely a favorable area for those seeking affordable rental housing through government assistance programs.
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.