Location: Henry County-Martinsville city, VA | Metro: Henry County-Martinsville city, VA HUD Nonmetro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,140 |
| 4 Bedrooms | $1,320 |
| 5 Bedrooms | $1,531 |
| 6 Bedrooms | $1,715 |
| 7 Bedrooms | $1,852 |
| 8 Bedrooms | $1,945 |
U.S. Census Bureau data (2024)
In ZIP code 24078, there are several potential pitfalls for landlords considering Section 8 investments. Tenant turnover is a significant concern due to the disparity between the market rent of $747 and the Fair Market Rent (FMR) of $910 for fiscal year 2026 in the metropolitan area. This difference can lead to higher turnover rates as tenants may struggle to afford the higher FMR when their vouchers cover only the lower market rent.
Vacancy exposure is another issue. With an average Days on Market (DOM) being unavailable, it suggests that landlords might face extended periods without rental income, especially if they rely heavily on Section 8 tenants. The lack of specific DOM data makes it difficult to predict how long properties may remain vacant, increasing financial uncertainty.
Deferred maintenance is also a risk factor. Given the typical home value of $166,325 and the median income of $53,665, landlords should be prepared for potentially lower quality maintenance from tenants who may have limited financial resources to contribute towards property upkeep. This situation can result in higher repair costs and more frequent maintenance issues over time.
Despite these challenges, the high renter share of 39.4% in ZIP 24078 points towards a robust demand for rental housing, including Section 8 vouchers. High renter density often correlates with a greater number of voucher holders seeking affordable housing options, which can provide a steady stream of tenants willing to pay the required rent.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.