Location: Accomack County, VA | Metro: Accomack County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The ZIP code 23421 is situated in a neighborhood characterized by a modest population of 4,290 residents, where nearly 37.2% of the inhabitants are renters. The median household income stands at $52,759, reflecting a middle-class community. The median home value in this area is $209,155, indicating a relatively affordable housing market.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $970. However, the current market rent, according to Census ACS data, is slightly lower at $916. This suggests that landlords in ZIP 23421 can expect to charge rents close to the FMR but might face some competition from market rates.
For hands-off voucher operators, ZIP 23421 presents a viable opportunity due to the significant portion of renters and the alignment of market rents with the FMR. The potential for stable cash flow exists, given the middle-class income levels and the manageable home values. On the other hand, for hands-on value-add buyers looking to improve properties and increase their worth, the area offers room for growth, especially considering the discrepancy between the FMR and current market rents. There's an opportunity to enhance property quality and potentially command higher rents closer to the FMR.
In conclusion, ZIP 23421 is suitable for both types of investors. Hands-off operators can benefit from the existing conditions, while hands-on buyers can leverage the area’s characteristics to create added value and profit from improved rental rates.
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.