Location: Patrick County, VA | Metro: Patrick County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
The Section 8 thesis in ZIP 24185 revolves around the gap between the Fair Market Rent (FMR) of $960 for a two-bedroom apartment (as of metro FY 2026) and the market rent of $1,700. This represents a discrepancy of $740, or approximately 77%, between the government-supported rental rate and the actual market price.
In ZIP 24185, the FMR is significantly lower than the market rent, making it a challenge for landlords to cover their expenses while participating in the housing voucher program. Given the median income of $50,156 and the fact that only 9.3% of residents are renters, landlords must carefully consider the cost of housing voucher tenants below open-market rates.
The median home value in Woolwine, VA (ZIP 24185) is $167,600, which is notably lower than the national median. However, the rental market is robust, with the median monthly rent for a two-bedroom apartment being $800. Landlords should weigh the benefits of attracting voucher tenants against the reduced rental income, especially considering the local economic conditions and the limited number of renters.
This analysis underscores the importance of understanding local market dynamics when deciding whether to participate in the Section 8 program. Despite the potential challenges, the high appreciation rate of 15.8% over the past year suggests that property ownership in Woolwine can still be a profitable venture, even if rental yields are lower due to the FMR cap.
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.