Location: Giles County, VA | Metro: Giles County, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
U.S. Census Bureau data (2024)
The Section 8 analysis for ZIP code 24093 centers around the disparity between the Fair Market Rent (FMR) and the actual market rent. The FMR for ZIP 24093 in fiscal year 2024 is set at $930. However, the market rent is not available, which complicates the direct comparison needed to assess the viability of Section 8 tenants for landlords and small-portfolio investors.
In ZIP 24093, where only 15.4% of residents are renters, the rental market is relatively small compared to owner-occupied homes. This low percentage of renters could indicate a strong preference for homeownership in the area, which might affect the demand for rental properties and thus the overall rental market dynamics.
Given that the FMR is higher than the likely market rent (due to the lack of data suggesting otherwise), it positions Section 8 vouchers favorably for landlords. Voucher tenants provide a guaranteed income stream that matches or exceeds the local rental market rates, making it a solid yield play. Landlords can secure rental income at $930 per month without the typical risks associated with traditional market-rate rentals, such as vacancy periods or non-payment.
Moreover, the absence of data regarding median home value and median income suggests that these factors may not significantly impact the decision-making process for landlords considering Section 8 tenants. In the context of a limited rental market, the stability offered by Section 8 vouchers becomes even more attractive.
To summarize, the gap between the FMR and the actual market rent, though not quantifiable in exact terms due to missing data, indicates that Section 8 vouchers present an opportunity for landlords to achieve a consistent rental income that is likely above the local market rate. This makes the ZIP 24093 a favorable area for those looking to invest in rental properties with a focus on Section 8 tenants, especially given the low percentage of renters in the area.
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.