Section 8 Fair Market Rent (FMR) for ZIP 24031 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 24031, located in Virginia, represents a niche market that landlords and small-portfolio investors should consider carefully. This area offers unique opportunities but also presents challenges due to limited data availability. Here is a concise breakdown of the key metrics:

• Fair Market Rent (FMR): The FMR for ZIP 24031 for fiscal year 2024 is set at $1040, providing a benchmark for rental pricing.
• Market Rent: Unfortunately, there is no available data on current market rents for this ZIP code, which makes it difficult to assess the premium or discount relative to the FMR.
• Median Home Value: Data indicating the median home value is not currently available, which could suggest a lack of extensive residential property sales data in the area.
• Renter Share: There is no reported percentage of residents who are renters, leaving a gap in understanding the demand for rental properties.
• Days on Market (DOM): The average days on market for properties is not available, which means we cannot gauge how quickly homes are selling or renting in this area.
• Median Income: Similarly, the median income figure for ZIP 24031 is not available, making it challenging to predict the financial capacity of potential tenants.

In summary, while the Fair Market Rent provides a useful starting point for setting rental prices in ZIP 24031, the lack of other critical data points such as market rent, median home values, and median incomes complicates a comprehensive assessment. Investors should proceed with caution, focusing on thorough local research and networking to fill these informational gaps. The absence of days on market data suggests either a stable housing market or a less active one, where properties do not change hands frequently. Given these considerations, landlords and investors must be prepared for a potentially slower pace of investment returns and rely heavily on ground-level insights to navigate this market effectively.

Data Sources: FMR data from HUD (2027).

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.