Location: Accomack County, VA | Metro: Accomack County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
The ZIP code 23420 stands out due to its unique demographic and economic characteristics. With a population of 2,673 residents, 26.3% of whom rent their homes, it offers a niche market for landlords and small-portfolio investors. The median household income in this area is $52,831, reflecting a modest but stable financial environment. Notably, the median home value is $202,207, indicating that homeownership is relatively affordable compared to larger metropolitan areas.
Turning to the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $920. This figure contrasts with the current market rent of $799, based on Census ACS data. This discrepancy means that landlords who accept Section 8 vouchers can potentially receive higher rents than the current market rate, making the ZIP code an attractive investment opportunity for those willing to participate in the program.
Based on the data signature of ZIP 23420, the area appears to be stable rather than transitional. The modest median income and rental rates suggest a community that has settled into its economic patterns, with little indication of significant change in the near future. For investors looking to enter a predictable market with a balance of homeowners and renters, ZIP 23420 presents a viable option, particularly when considering the benefits of Section 8 voucher tenancy.
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.