Location: Pulaski County, VA | Metro: Blacksburg-Christiansburg-Radford, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
U.S. Census Bureau data (2024)
The ZIP code 24129 is characterized by a small population of 114 residents, indicating it is likely a rural or sparsely populated area. With 0.0% of the population being renters, this suggests that homeownership is the predominant form of housing in the area. The lack of data on median income and median home value implies that there may be limited economic activity or diverse housing markets within this ZIP code.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 24129 as of fiscal year 2024 is set at $950. This figure is established by the U.S. Department of Housing and Urban Development (HUD) to determine payment standards for the Section 8 Housing Choice Voucher program. Given that the market rent data is unavailable, the FMR serves as a critical benchmark for potential landlords participating in the Section 8 program.
In assessing whether ZIP 24129 is suitable for a hands-off voucher operator or a hands-on value-add buyer, several factors come into play. The low percentage of renters indicates a niche market, which could pose challenges for hands-off operators who rely on high demand for rental properties. On the other hand, the limited competition might present an opportunity for hands-on buyers willing to engage in property management and potentially improve the local housing stock. However, the absence of median income and home value data means that the economic viability of such investments remains uncertain.
For landlords considering participation in the Section 8 program within ZIP 24129, the FMR of $950 provides a clear guideline for setting rental rates. Yet, the decision to enter this market should be made with caution, given the sparse population and the lack of broader economic indicators. A hands-on approach, focusing on property improvement and direct tenant engagement, may yield better results in this environment compared to a purely hands-off strategy.
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.