Location: Northampton County, VA | Metro: Northampton County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
ZIP code 23408, located in Accomack County, Virginia, stands out due to its unique demographic and economic characteristics. With only 41 households, the area is sparsely populated, and the average number of persons per household is 1.88, indicating a low-density residential environment. The average household income in this ZIP is $24,570, which is significantly lower than the national average. Notably, the average home value is reported as $0, suggesting that most properties are likely owner-occupied rather than rented.
The rental market in ZIP 23408 is not well-documented, but the lack of rental data implies that it's a predominantly owner-occupied community. This contrasts sharply with many urban areas where higher percentages of residents rent their homes. Given these conditions, landlords and small-portfolio investors should approach this market with caution, as it does not appear to have a strong rental demand.
Pivoting to voucher economics, the Fair Market Rent (FMR) for ZIP 23408 is set at $950 for fiscal year 2026. However, without specific market rent data, it's difficult to compare this figure to actual local rental prices. In such a low-income area, the FMR may be a critical benchmark for rental affordability, but the limited number of rental units suggests that the voucher program might have a minimal impact on the overall housing market.
The data signature for ZIP 23408 reads as "stable," given the low population density and the predominance of owner-occupied homes. There is little indication of significant change or growth in the near future, which could mean that investment opportunities in this ZIP code are limited compared to more transitional markets. Landlords and investors should focus on understanding the local economy and the potential for long-term, stable returns rather than rapid appreciation or high rental yields.
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.