Location: Accomack County, VA | Metro: Accomack County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
ZIP code 23418, located within Accomack County, VA, presents a unique snapshot when compared to the broader county metrics. The Fair Market Rent (FMR) for ZIP 23418 stands at $1,010 for fiscal year 2026, which is above the average market rent of $908. This indicates that while the subsidized rental rates are higher, they still reflect a modest premium over what the market typically demands.
The median home value in ZIP 23418 is $248,165, which is relatively low compared to other ZIP codes in the area. However, without comprehensive data on all Accomack County ZIP codes, it's challenging to definitively categorize 23418 as a value pocket, mid-tier neighborhood, or premium sub-market. Nevertheless, the below-average home value combined with a higher-than-average renter share (31.1%) suggests that this ZIP code could be particularly attractive for landlords participating in the Section 8 program.
A high renter share in an area with lower home values often signifies a concentration of affordable housing options, which can be beneficial for both tenants seeking assistance and landlords looking to stabilize their income through government subsidies. The fact that the FMR exceeds the market rent by $102 also points to a potential opportunity for landlords to secure stable rental agreements through the Section 8 program, given the discrepancy between the two figures.
In summary, ZIP 23418 appears to offer a blend of characteristics that could make it a valuable investment for landlords interested in Section 8 properties. The combination of a slightly elevated FMR, a substantial renter population, and lower home values creates an environment where subsidized housing can thrive and provide steady returns for investors.
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.