Location: Patrick County, VA | Metro: Henry County-Martinsville city, VA HUD Nonmetro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,780 |
| 5 Bedrooms | $2,065 |
| 6 Bedrooms | $2,313 |
| 7 Bedrooms | $2,498 |
| 8 Bedrooms | $2,623 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 24165 in the metro area for fiscal year 2026 is set at $1,260. This figure represents the payment standard for landlords participating in the Section 8 Housing Choice Voucher program. It does not reflect the actual rent tenants will pay; rather, it is the maximum amount the government will reimburse landlords for renting a unit under this program.
In comparison, the average market rent for ZIP 24165, based on recent Census American Community Survey (ACS) data, is $812. This means that the FMR is significantly higher than the typical rent in the area, providing an opportunity for landlords to receive a higher reimbursement rate than they might charge to non-voucher holders.
The renter share in ZIP 24165 is 13.6%, indicating that nearly one out of every seven households are renters. This suggests a moderate demand for rental properties, including those that accept Section 8 vouchers. While not extremely high, this percentage ensures a steady pool of potential tenants.
When acquiring a property for Section 8 rentals, consider the median home value in the area, which stands at $168,277. This figure can guide you in making informed decisions about your investment, ensuring you purchase a property that aligns with the local market conditions and the FMR.
Before finalizing your decision to participate in the Section 8 program with a rental in ZIP 24165, verify that the property meets all necessary standards and criteria set by the housing authority. These include but are not limited to, the condition of the property and compliance with health and safety regulations. Ensuring these requirements are met upfront will prevent delays and complications once you apply for the program.
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.