Location: Franklin County, VA | Metro: Franklin County, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
U.S. Census Bureau data (2024)
The ZIP code 24067 encompasses a part of Callaway, Virginia, characterized by a modest population of 2,371 residents, where approximately 23.3% are renters. The median household income in this area stands at $49,353, indicating a middle-class community. The median home value in ZIP 24067 is $316,555, reflecting a stable residential market.
Moving into the economic realities of renting, the Fair Market Rent (FMR) for the fiscal year 2024 is set at $910 for a one-bedroom apartment in this ZIP code. However, the actual market rent, according to the Census Bureau's American Community Survey (ACS), is significantly lower at $680 for a similar unit. This discrepancy highlights an opportunity for investors who can leverage the gap between the government-set FMR and the current market rates.
For a hands-off voucher operator, ZIP 24067 presents a viable investment due to the relatively low market rent compared to the FMR, which ensures a steady stream of rental income through the Section 8 program. On the other hand, a hands-on value-add buyer could potentially increase the property values closer to the FMR, thereby maximizing returns. The lower market rents suggest there is room for improvement and added value, making it a suitable target for active management strategies aimed at enhancing property quality and increasing rental rates.
In conclusion, ZIP 24067 offers both passive and active investors a balanced mix of stability and opportunity. With a median home value of $316,555 and a significant difference between the FMR and market rent, strategic investments can yield favorable outcomes. Whether choosing a hands-off approach or a hands-on strategy, the economic landscape of this Virginia neighborhood supports successful Section 8 investment opportunities.
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.