Location: Accomack County, VA | Metro: Accomack County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
The ZIP code 23423 is situated within a neighborhood characterized by a relatively modest population of 219 residents. The area has a significant rental presence, with 24.8% of its residents renting their homes. This indicates a community where a quarter of the residents rely on rental housing, suggesting a potential market for landlords. The median household income in this ZIP code stands at $55,662, which provides insight into the financial capacity of its inhabitants. However, it's important to note that the median home value is not available, which could be due to limited homeownership data or a predominantly rental-focused market.
Moving into the economic dynamics of renting, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,020. While specific market rent figures are not available, the FMR serves as a benchmark for understanding the rental pricing landscape. For landlords and small-portfolio investors, this suggests that properties in ZIP 23423 can potentially be priced around $1,020, aligning with the government's assessment of fair rent.
Given the data, ZIP 23423 seems to cater well to hands-off voucher operators. With a notable percentage of renters and an established FMR, landlords can expect a steady demand for Section 8 eligible units. However, the absence of detailed market rent data limits the ability to assess opportunities for value-add investments. For those inclined towards active management and value creation, further research into local rental trends would be necessary to identify areas where improvements could lead to higher rents above the FMR.
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.