Section 8 Fair Market Rent (FMR) for ZIP 23480 - 2027

Location: Accomack County, VA | Metro: Accomack County, VA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$750
1 Bedroom	$850
2 Bedrooms	$1,070
3 Bedrooms	$1,330
4 Bedrooms	$1,480
5 Bedrooms	$1,717
6 Bedrooms	$1,923
7 Bedrooms	$2,077
8 Bedrooms	$2,181

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

338

Median Household Income

$57,868

Housing Units

272

Renter Percentage

17.8%

Occupancy Rate

70.2%

Renter Occupied

The ZIP code 23480, located in the heart of Virginia's rural landscape, offers a unique opportunity for real-estate investors interested in the Section 8 housing market. This area is characterized by a blend of suburban tranquility and access to urban amenities, making it attractive for both tenants and investors.

The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,050. This figure represents the maximum amount that landlords can charge for Section 8 rental assistance in this region.
The median home value in ZIP 23480 is currently listed as N/A, indicating limited data on residential property values. However, this does not necessarily mean the market is weak; rather, it suggests a need for further investigation into individual property valuations.
Renters make up 17.8% of the population in this ZIP code, showing a moderate demand for rental properties among residents.
The median income for households in 23480 stands at $57,868. This income level can be used to gauge the financial stability of potential tenants and their ability to meet rental obligations.
The Days on Market (DOM) for rental listings is listed as N/A, which implies that there might be a lack of comprehensive data on how quickly rentals are occupied. This could also suggest a steady demand without significant fluctuations.

The combination of a defined fair market rent and a moderate renter share indicates a stable but not highly competitive rental market in ZIP 23480. Investors should focus on properties that can be rented close to the FMR of $1,050 to maximize returns while ensuring affordability for tenants. Given the median income of $57,868, there is a solid base of financially stable renters who can reliably pay rent. The absence of detailed DOM data suggests consistent occupancy rates, but further local research is advised to understand the full dynamics of the rental market. Overall, 23480 presents a balanced investment opportunity for those looking to enter the Section 8 housing sector with a focus on steady, reliable returns.

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.