Location: Accomack County, VA | Metro: Accomack County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The classification of ZIP code 23415 hinges on its financial metrics related to rental yields and market stability. To begin with, the yield is significantly influenced by the Federal Market Rent (FMR) of $1,110 for the fiscal year 2026, which is notably higher than the market rent of $898. This suggests that properties within this ZIP code can command rents above the average market rate, potentially leading to higher returns for landlords.
Additionally, the median home value of $166,860 provides a baseline for investment costs. When comparing the FMR against the median home value, it becomes evident that there is a substantial margin for profit, given the higher rental potential. The income level of $46,836 further supports the viability of these higher rents, indicating that residents have the financial capacity to pay above-market rates.
Moving on to stability, the ZIP code has a 52.8% rental rate, which is a moderate figure but leans towards a stable rental market. However, the lack of data on days on market (DOM) introduces an element of uncertainty regarding how quickly properties can be rented out. Despite this gap in information, the relatively high rental rate suggests that the demand for rentals is strong, which generally points to a stable market where tenants are likely to remain for longer periods.
In summary, ZIP 23415 represents a market that balances high yield with moderate stability. The key figures driving this assessment include the $1,110 FMR versus the $898 market rent, the $166,860 median home value, and the $46,836 median household income. These numbers indicate a favorable environment for landlords seeking both solid cash flow and the potential for higher-than-average returns. However, the absence of DOM data means that while the market shows promise, landlords should be prepared for some variability in tenant turnover.
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.