Section 8 Fair Market Rent (FMR) for ZIP 24230 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 24230

• Wise County Redevelopment & Housing Authority (Coeburn, VA) - 751 Section 8 vouchers
• Scott County Redev. & Housing Authority (Duffield, VA) - 201 Section 8 vouchers
• Big Stone Gap Redevelopment and Housing Auth. (Big Stone Gap, VA) - 166 Section 8 vouchers

The ZIP code 24230, located in Coeburn, Virginia, is a rural area characterized by modest economic conditions and a significant rental market presence. This region offers insights into the dynamics of housing affordability and demand, particularly relevant for landlords and small-portfolio investors looking to navigate the local real estate landscape.

• The Fair Market Rent (FMR) for ZIP 24230 in fiscal year 2024 is set at $990. This figure represents the maximum amount that low-income families should pay for decent, safe, and sanitary housing.
• The market rent, as reported by the Census American Community Survey, stands at $771. This indicates that the actual rental prices in the area are below the FMR, suggesting potential opportunities for landlords to offer competitive rates while still maintaining profitability.
• The median home value in Coeburn, VA is $115,587. This relatively low figure points to a cost-effective entry point for property investment, especially for those considering purchasing homes to convert into rental properties.
• Renters make up 24.2% of the population in this ZIP code. This share suggests a notable demand for rental properties, but also implies a substantial portion of homeownership, which could affect the rental market's elasticity.
• The median household income in the area is $48,573. This income level provides context for the financial capacity of potential tenants, indicating that rental rates must be affordable to cater to the majority of the population.
• The Days on Market (DOM) data is currently unavailable, which means there is no direct measure of how quickly properties are selling or renting. However, given the other metrics, it's reasonable to infer a moderate pace of transactions.

In summary, ZIP 24230 presents a balanced opportunity for real estate investment, particularly in the rental sector. The gap between the FMR and market rent suggests room for adjustment without compromising tenant affordability. The median home value offers a low barrier to entry for investors, while the substantial renter share ensures a steady demand for rental units. Landlords and small-portfolio investors should focus on providing affordable, quality rentals that align with the local income levels to maximize occupancy and returns.

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.