Location: Patrick County, VA | Metro: Henry County-Martinsville city, VA HUD Nonmetro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,210 |
| 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 analysis of ZIP code 24133 reveals a market that balances both yield and stability, making it an attractive option for landlords and small-portfolio investors seeking moderate risk and consistent returns.
Yield: The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $910, which is notably higher than the market rate of $780. This suggests that properties in this ZIP code can command rents above the average market price, leading to higher yields. However, the median home value of $174,510 indicates that while rental prices are favorable, the capital investment required to enter the market is also substantial.
Stability: The ZIP code has a renter occupancy rate of 29.0%, indicating a moderate level of demand for rental housing. While the number of days on market (DOM) is not available, the median household income of $61,964 provides insight into the economic stability of the area. This income level supports a reasonable likelihood of timely rent payments and low default rates, contributing to overall stability.
Given these factors, ZIP 24133 does not fit the profile of a high-yield/low-stability flip-style market. Instead, it offers a middle ground where investors can expect decent yields without the volatility associated with areas that have extremely high rent-to-price ratios or low-income populations. The FMR being $130 higher than the market rate presents an opportunity to achieve above-average returns, but the relatively low renter occupancy rate and the need for significant capital investment suggest a market that favors long-term, stable cash flow over short-term, speculative gains.
To summarize, the key figures driving this assessment are the $910 FMR compared to the $780 market rate, the $174,510 median home value, and the $61,964 median household income. These elements combine to create a market that is best suited for those looking to invest in a property that will provide reliable rental income with a slightly above-average yield.
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.