Location: Giles County, VA | Metro: Giles County, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 24167, located in Giles County, VA HUD Metro FMR Area, reveals several key points that can inform investment decisions. The HUD Fair Market Rent (FMR) for this area in fiscal year 2024 is set at $910 per month. This figure represents the maximum amount landlords can charge for a unit to be considered affordable under the Section 8 program.
However, the market rent data for ZIP 24167 is currently unavailable, which makes it challenging to directly compare the HUD FMR against actual market rates. Without this comparison, it's difficult to definitively state whether voucher tenants will cashflow at the FMR rate, marginally, or only with premium units. Yet, given the typical gap between FMRs and market rents, it's reasonable to assume that cashflow may be marginal unless landlords focus on properties that are below average in size or condition, or they manage their expenses efficiently.
The median home value in ZIP 24167 is $191,538. Using the HUD FMR of $910, we can derive a rough rent-to-price ratio. This ratio helps investors understand the relationship between property values and rental income. A simple calculation shows that the annual rent at FMR would be approximately $10,920, leading to a rent-to-price ratio of roughly 5.7%. This ratio suggests that the rental income is relatively low compared to the home value, which could indicate a stronger buy versus rent dynamic in the area.
Unfortunately, the data regarding the days-on-market (DOM) and the percentage of homes that required price cuts during the listing period is also unavailable. These metrics would provide valuable insights into the local housing market's health and turnover rate, which are crucial for understanding the broader rent-versus-buy dynamics. However, the lack of these figures does not diminish the importance of the FMR and median home value data in guiding investment strategies.
In conclusion, the strongest angle for investors in ZIP 24167 appears to be stability. With a clear HUD FMR guideline and a median home value that provides a consistent benchmark, investors can expect reliable cashflow and a stable investment environment, assuming they manage their costs effectively and target properties that align well with the FMR.
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.