Location: Patrick County, VA | Metro: Carroll County-Galax city, VA HUD Nonmetro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
U.S. Census Bureau data (2024)
21.2% of residents in ZIP 24053 are renters, indicating a notable demand for rental properties in the area. The Fair Market Rent (FMR) for ZIP 24053, as determined by HUD for metro FY 2026, is set at $1,070. This figure is slightly above the average market rent reported by the Census Bureau's American Community Survey, which stands at $938. Landlords and small-portfolio investors should take note of this discrepancy, as it suggests a potential opportunity to charge closer to the FMR without significantly deterring tenants.
$189,427 is the median home value in ZIP 24053, reflecting a relatively stable housing market. However, the median income of $63,646 suggests that a significant portion of the population may struggle to afford homeownership, further reinforcing the importance of rental properties in this community. The lack of available data on days on market (DOM) and the percentage of price-cut shares indicates a limited turnover rate or a strong seller's market, where homes sell quickly without needing to be listed for extended periods or reduced in price.
The difference between the FMR and the actual market rent provides a margin of approximately $132 per month, which can be beneficial for landlords seeking to maximize their investment returns. Given the higher FMR compared to the market rent, landlords could consider leveraging the Section 8 program to secure tenants willing to pay up to the FMR. Additionally, the lower median income relative to median home values implies that many residents may qualify for the Section 8 Housing Choice Voucher program, increasing the pool of potential tenants.
To conclude, the data from ZIP 24053 points towards a favorable environment for landlords and small-portfolio investors interested in the Section 8 program. With a stable rental market, a reasonable gap between FMR and market rents, and a significant portion of the population potentially qualifying for vouchers, investing in Section 8 properties in this ZIP code is advisable.
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.