Location: Accomack County, VA | Metro: Accomack County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 23417, located in Accomack County, Virginia, reveals several key points regarding its suitability for Section 8 landlords and small-portfolio investors.
The first question to address is whether the rent math works. The Fair Market Rent (FMR) for the area in fiscal year 2026 is set at $1,110, which aligns perfectly with the current market rent as reported by the Census ACS. This parity suggests that landlords participating in the Section 8 program can expect their rental income to match market rates, ensuring that the rent math does indeed work in this ZIP code.
Moving on to the affordability of acquisitions, the median home value in ZIP 23417 stands at $287,753. With no data available on the number of days on market (DOM) and a negligible 0.1% price-cut share, it appears that homes are selling close to their asking prices without significant delays. This indicates that while the median home value is substantial, the market conditions suggest that acquisitions could be relatively straightforward and without the need for extensive negotiation.
Last, we must consider the tenant demand in the area. ZIP 23417 has a total population of 3,827, with 34.3% of residents being renters. This percentage translates to approximately 1,312 individuals who might be potential tenants for Section 8 properties. Given the size of the population and the renter share, there is a reasonable demand for rental housing in this ZIP code.
In conclusion, ZIP 23417 offers a balanced opportunity for Section 8 landlords and small-portfolio investors. The rent math works effectively due to the alignment between FMR and market rents, making it financially viable. Acquisition costs are high but potentially manageable given the market dynamics. Tenant demand is present, though the absolute numbers are modest due to the smaller population size. For those willing to invest in a stable, low-risk market, ZIP 23417 presents a suitable option.
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.