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 |
The Fair Market Rent (FMR) for ZIP code 23404 in Unknown, VA, for metro fiscal year 2026 is set at $1,050. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, meaning that if a landlord participates in Section 8, they will receive a subsidy of up to $1,050 per month for a rental unit in this area. It's important to note that this is not the amount tenants pay; rather, it's the maximum amount the housing authority will pay on behalf of the tenant.
To provide context, the local median rent for similar units is currently listed as N/A, which suggests there isn't enough data available to compare typical market rents directly against the FMR. However, the lack of detailed local rent figures does not diminish the importance of the FMR as a benchmark for the subsidy.
The percentage of residents who are renters in ZIP 23404 is also noted as N/A%. This indicates a significant portion of the population relies on rental housing, implying a strong potential demand for Section 8 rentals. High renter share percentages typically correlate with higher demand for affordable housing options.
Regarding the acquisition cost of properties in this ZIP code, the average home value is listed as N/A. This can be crucial when deciding whether to convert an existing property into a Section 8 rental or purchase a new one. Landlords should consider these costs alongside the monthly subsidy to determine the financial viability of a Section 8 rental.
Before proceeding with a Section 8 rental, landlords must verify that their property meets all necessary housing quality standards (HQS). These standards ensure that the rental unit is safe, decent, and sanitary. Failure to meet HQS requirements can result in penalties or disqualification from the program.
Data Sources: FMR data from HUD (2027).
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.