Location: Kingsport-Bristol, TN | Metro: Kingsport-Bristol, TN-VA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
The ZIP code 24212 encompasses the town of Abingdon, Virginia. With a total population of 44,212 residents, it stands as a moderately sized community. Approximately 50% of the households in Abingdon are renters, reflecting a significant demand for rental properties. The median household income is $49,212, while the median home value is $193,107.
In terms of rent economics, the Fair Market Rent (FMR) for ZIP 24212 in fiscal year 2024 is set at $940. This is notably lower than the median market rent of $1,367. The discrepancy between the FMR and the actual market rent suggests that landlords who accept Section 8 vouchers may face challenges in covering their operational costs and maintaining profitability.
The area is better suited for hands-on value-add buyers rather than hands-off voucher operators. Given the high median market rent compared to the FMR, hands-on investors can leverage their expertise to improve properties and increase their attractiveness to non-voucher tenants. Alternatively, they could focus on multi-family units where economies of scale might make Section 8 tenancy more viable.
For hands-off operators, the lower FMR may not sufficiently cover maintenance and operational expenses, especially considering the recent increases in median home value and median rent. Therefore, a hands-on approach is recommended for achieving optimal returns in this ZIP code.
Data Sources: FMR data from HUD (2027).
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.