Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
--
Tax rate
--
Mortgage rate
--
ZIP 23359 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23359 (Hallwood, VA) is $1,090 a month. That is up 13.5% from $960 in FY 2026. Hallwood is in the Accomack County, VA non-metropolitan FMR area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the county-wide two-bedroom FMR of $1,110. Among 37 ZIP codes in Accomack County, 23359 is tied for the 29th-highest two-bedroom rent (county range $980–$1,430). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23359 is 14% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 23359
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$670
$770
+14.9%
$693–$847
1BR
$780
$870
+11.5%
$783–$957
2BR
$960
$1,090
+13.5%
$981–$1,199
3BR
$1,250
$1,350
+8.0%
$1,215–$1,485
4BR
$1,410
$1,500
+6.4%
$1,350–$1,650
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 23359
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$770
$870
$1,090
$1,350
$1,500
FY 2026
$670
$780
$960
$1,250
$1,410
FY 2025
$690
$750
$850
$1,170
$1,440
FY 2024area FMR
$766
$832
$938
$1,294
$1,592
FY 2023area FMR
$588
$702
$793
$1,123
$1,351
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Two-bedroom rent in nearby Accomack County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 23359?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,110, which applies unless the housing authority uses Small Area FMRs, that basic range is $999 to $1,221 a month; under the ZIP-level Small Area FMR of $1,090 it would be $981 to $1,199. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 23359 in?
ZIP 23359 is in the Accomack County, VA non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,110.
How much did fair market rent change in ZIP 23359 for FY 2027?
The two-bedroom FMR rose 13.5%, from $960 in FY 2026 to $1,090 in FY 2027. Since FY 2025 it has risen 28.2%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set