Location: Patrick County, VA | Metro: Floyd County, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
U.S. Census Bureau data (2024)
The median income in ZIP code 24120 stands at $46,901, making it challenging for many households to cover the $693 market rate for rent as reported by the Census ACS. This rate is significantly lower than the Fair Market Rent (FMR) standard set at $910 for the metro area in fiscal year 2026. The disparity between the median income and the market rent suggests a substantial affordability gap for residents.
With only 21.9% of the 1,591 population being renters, competition among landlords could be fierce. Given the limited number of renters, landlords must carefully consider their rental pricing and tenant selection strategies to ensure occupancy and profitability.
The affordability gap means that tenants relying on their own income face difficulties in finding housing that fits within their budget. Landlords who accept vouchers can tap into a different segment of the market, potentially securing stable tenancy. However, the voucher payment standard of $910 may exceed what most local renters can afford independently, indicating that landlords should weigh the benefits of accepting vouchers against the risk of reduced cash flow.
Landlords in ZIP 24120 must decide whether to prioritize cash-paying tenants who might struggle with higher rents or to accept vouchers which offer more consistent payments but at a rate higher than the local market average. The choice will depend on individual circumstances and long-term goals, but understanding the local economic landscape is crucial for making informed decisions.
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.