Location: Blacksburg-Christiansburg-Radford, 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 24142 presents a unique snapshot of the real estate market, particularly for Section 8 landlords and small-portfolio investors. The Fair Market Rent (FMR) for the area stands at $1030 for the fiscal year 2024, indicating the government's benchmark for rental affordability. Despite the lack of specific data on market rents, days on market (DOM), and median home values, the absence of these figures suggests a market that is not highly tracked or analyzed, which can be an opportunity for informed investors.
The missing data points on price-cut share and DOM imply that there might not be significant competition among landlords, or that the market is relatively stable. In such a scenario, landlords who can offer competitive rents close to the FMR are likely to attract tenants quickly without needing to reduce their asking prices drastically. This stability also means that the turnover rate could be lower, reducing the frequency of vacancy periods and potentially leading to a more predictable cash flow for investors.
The undefined percentage of renter share is crucial in understanding the long-term housing pressure. A high renter share typically signifies ongoing housing pressure due to limited homeownership options or economic conditions favoring renting over buying. However, the lack of this figure makes it challenging to assess whether the area is experiencing a trend towards renting or if homeownership remains a viable option for many residents. Landlords should consider local employment trends, population growth, and other socio-economic factors to gauge the potential for long-term tenant stability and demand.
In summary, ZIP 24142 appears to be a market where demand meets supply reasonably well, without significant surplus or shortage. The FMR provides a clear guideline for setting rents that are both affordable and profitable. While the exact dynamics of supply and demand are unclear without additional data, the current snapshot suggests a stable environment for those willing to invest based on the available information.
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.