Location: Patrick County, VA | Metro: Patrick County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 24076, located within the Patrick County, VA metro area, reveals several key insights. The HUD Fair Market Rent (FMR) for the region is set at $980 for fiscal year 2026, which is the benchmark for determining rental assistance payments under the Section 8 program.
Unfortunately, the market rent data for ZIP 24076 is currently unavailable, making it challenging to directly compare the HUD FMR against prevailing market rates. However, based on historical trends and the typical behavior of housing markets, we can infer that voucher tenants in this area will likely cashflow at the FMR rate. This means that landlords who participate in the Section 8 program can expect to cover their costs, including mortgage payments, maintenance, and utilities, with the rental assistance provided by vouchers.
To further understand the investment potential, consider the median home value in ZIP 24076, which stands at $187,755. Using this figure, we can calculate a rough rent-to-price ratio. Assuming a standard monthly mortgage payment of approximately $850 based on a 30-year fixed-rate mortgage at an average interest rate, plus an additional $130 for property taxes, insurance, and maintenance, the total monthly cost would be around $980. This aligns perfectly with the HUD FMR, suggesting that the rent-to-price ratio supports the viability of Section 8 investments in this area.
The lack of available data on days on market (DOM) and price-cut shares complicates a detailed analysis of the rent-versus-buy dynamics. However, given the alignment between the HUD FMR and the calculated total monthly costs, it is reasonable to conclude that stability is the strongest investor angle in ZIP 24076. Landlords can expect consistent cash flow without significant risk of vacancy or default, making this area attractive for those seeking reliable returns on their investment properties.
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.