Location: Grayson County, VA | Metro: Kingsport-Bristol, TN-VA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
U.S. Census Bureau data (2024)
The ZIP code 24292 presents a dynamic rental market that reflects current economic conditions and housing trends. With a Fair Market Rent (FMR) set at $940 for fiscal year 2024, landlords can gauge the government's benchmark for affordability in the area. This figure serves as a critical reference point for understanding the rental market's structure and pricing.
The median home value in ZIP 24292 is $188,841, indicating a relatively affordable housing market for potential homeowners. However, the lack of data on market rent and the percentage of price-cut shares suggests that there might be limited information available regarding the specific rental dynamics within this ZIP code. This could imply either a nascent market or one that has not been extensively studied.
A key indicator of the rental market's health is the 22.7% renter share. This statistic tells us that a significant portion of the population in ZIP 24292 relies on renting as their primary means of housing. Such a high renter share often correlates with long-term housing pressures, as it indicates a substantial demand for rental properties. In markets where the renter share is notably high, it typically signals that there is a persistent need for affordable rental units, which can drive up rental prices over time.
The dynamics of ZIP 24292 suggest that while the median home value is low, making homeownership accessible, the high renter share points to a market where the demand for rentals may be strong. This balance between homeownership and rental needs creates an environment where landlords can potentially benefit from steady tenant interest. However, without specific data on the number of days on market (DOM) or the exact market rent, it is challenging to definitively state whether supply outpaces demand or vice versa. Nonetheless, the presence of a defined FMR and a significant renter share implies a market actively managed by both private and public entities to ensure housing stability.
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.