Location: Henry County-Martinsville city, VA | Metro: Henry County-Martinsville city, VA HUD Nonmetro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
The ZIP code 24089 presents a dynamic rental market influenced by several key indicators. The Fair Market Rent (FMR) for the area stands at $910 for fiscal year 2026, according to HUD standards. Meanwhile, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), is slightly higher at $1,037. This suggests that while the government benchmark is lower, the private market is commanding a premium, indicative of a rental market that is currently experiencing upward pressure.
The median home value in ZIP 24089 is $113,049, which provides insight into the overall affordability of homeownership in the area. However, the significant portion of renters—comprising 22.1% of the total population—points to an ongoing trend where a considerable segment of the community finds it more advantageous to rent rather than buy. This high renter share can be attributed to various factors including economic conditions, job availability, and the cost of living relative to income levels.
The dynamics of ZIP 24089's market can be understood through the lens of supply and demand. With the market rent exceeding the FMR, it implies that demand for rental properties may be outpacing supply, leading to higher rents. Additionally, the high percentage of renters signals a persistent need for rental units, which could translate into sustained long-term housing pressure. Landlords and small-portfolio investors should consider these factors when evaluating their investment strategies in this area.
To summarize, ZIP 24089 is characterized by a rental market that is currently commanding higher rates than the government benchmark, suggesting strong demand. The significant renter share indicates a market where renting remains a preferred option for many residents, likely due to the high cost of homeownership relative to income levels. These conditions create a scenario where long-term housing pressure is expected to remain, favoring those who invest in rental 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.