Location: Accomack County, VA | Metro: Accomack County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
44.4% of residents in ZIP code 23407 are renters, indicating a strong demand for rental properties. This statistic aligns well with the Fair Market Rent (FMR) figure of $1,030 for the metro area in fiscal year 2026, which is the benchmark used by the Section 8 program to determine payment standards. The median income of $70,975 suggests that while the area has a decent earning potential, it is still within reach for many Section 8 participants who typically have lower incomes.
Although specific data on market rent and median home values are not available, the absence of these figures does not detract from the significance of the FMR and renter share percentages. Landlords can confidently set their rents close to the FMR to ensure they are competitive and within the acceptable range for Section 8 vouchers.
The lack of data on days on market (DOM) and the percentage of price-cut shares indicates that there might be limited activity in the resale housing market, but this does not necessarily reflect the state of the rental market. Given the high renter share, it is likely that rental units are occupied promptly upon listing.
Investors should note that the $1,030 FMR provides a solid foundation for setting rental rates, especially considering the 44.4% of the population that relies on rentals. This combination makes Section 8 properties particularly attractive in ZIP 23407, as they offer a reliable stream of income through government subsidies.
Despite the median income being relatively higher at $70,975, the high proportion of renters signals that there is a significant segment of the population that would benefit from and seek out affordable housing options. For landlords and small-portfolio investors, this means that properties participating in the Section 8 program could see steady occupancy and a stable cash flow.
In conclusion, the data points towards a favorable environment for Section 8 properties in ZIP 23407, with a substantial renter base and a clear rental rate guideline provided by the FMR. The verdict for Section 8 investment in this area is positive, given the high demand and government-backed rental payments.
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.