Location: Accomack County, VA | Metro: Accomack County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,380 |
| 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)
ZIP code 23416 is characterized by a significant rental population, with 21.9% of residents being renters. This percentage indicates a moderate demand for rental properties, suggesting that there is a reasonable number of potential tenants who might rely on Section 8 housing vouchers. However, the homeowner-dominated nature of the area implies that vouchers could be less common among the overall population.
The median household income in ZIP 23416 stands at $16,688, which is notably low compared to national averages. Given this income level, the cost of market rent would likely consume a substantial portion of the average resident's earnings. Without specific market rent figures, we can infer that typical rents in this area would need to be relatively affordable to be sustainable for most households.
Comparing the median income to the Fair Market Rent (FMR), which is set at $1,080 for fiscal year 2026 in the metro area, it becomes evident that market rent represents a significant financial burden. At $1,080 per month, FMR accounts for approximately 78% of the annual median household income in ZIP 23416. This high proportion suggests that many residents would struggle to afford market-rate rents without assistance.
A landlord in ZIP 23416 should anticipate tenants who are heavily reliant on Section 8 vouchers to cover their housing costs. These tenants will have incomes below 50% of the area median income, making them eligible for the program. The tenant pool will predominantly consist of individuals and families with limited financial resources, necessitating strict adherence to voucher regulations and requirements.
To attract and retain Section 8 tenants, landlords must ensure that their properties meet the necessary standards and are willing to engage in the administrative processes required by the program. Despite the challenges, the presence of a government-backed payment system can provide a degree of financial stability for landlords operating in areas with low median incomes.
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.