Location: Franklin County, VA | Metro: Floyd County, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,900 |
| 5 Bedrooms | $2,204 |
| 6 Bedrooms | $2,468 |
| 7 Bedrooms | $2,665 |
| 8 Bedrooms | $2,798 |
U.S. Census Bureau data (2024)
The ZIP code 24079 stands out due to its relatively low population of 1,389 residents and a significant rental rate of 27.3%. The median income in this area is $72,292, which is above the national average, indicating a higher economic status among its inhabitants. However, the median home value at $247,275 suggests that homeownership is still a considerable expense relative to the income levels.
Regarding the Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 24079 in fiscal year 2024 is set at $950. This figure is crucial for landlords and small-portfolio investors as it determines the maximum amount that can be charged to tenants participating in the program. Notably, there is no available data on the market rent for this ZIP code, which means that the FMR serves as a key benchmark for rental pricing.
The data signature for ZIP 24079 reads as stable. With a high percentage of renters and a decent median income, the area appears to have a consistent demand for affordable housing. The established median home value also indicates a mature market where fluctuations are less likely. For landlords, this stability translates into predictable rental incomes and fewer risks associated with tenant turnover. Small-portfolio investors should consider the local rental dynamics and the availability of Section 8 vouchers when evaluating potential investments in this ZIP code.
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.