Location: Wythe County, VA | Metro: Carroll County-Galax city, VA HUD Nonmetro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,040 | $112,380 | 0.93% | C |
| 3BR | $1,430 | $187,913 | 0.76% | D |
U.S. Census Bureau data (2024)
The classification of ZIP 24312, Austinville, VA, on the axes of yield and stability reveals a market that leans towards providing steady cash flow rather than high-yield, low-stability opportunities. The Federal Market Rent (FMR) for the metropolitan area in fiscal year 2026 is set at $1,000 per unit, while the local market rent stands at $894. This suggests that properties in this area will likely be rented at rates slightly below the federal benchmark, but still offering a reasonable yield.
A key factor in determining the yield is the median home value, which is $155,543. Given the FMR and market rent figures, landlords can expect a decent return on investment without the risks associated with volatile markets. For instance, if a property is valued at $155,543 and rented out at $894 per month, the annual rental income would be $10,728, leading to a yield of approximately 6.9%. This calculation assumes no vacancies and does not account for expenses such as maintenance, taxes, and insurance.
On the stability axis, the data points to a relatively stable market. With 43.3% of residents being renters, there is a significant demand for rental properties. Although the days on market (DOM) data is not available, the average income of $48,235 provides insight into the financial health of potential tenants. This income level supports the ability of renters to meet their monthly obligations, reducing the risk of default.
To further illustrate, consider the following:
In conclusion, ZIP 24312 is best classified as a steady-cashflow zone. It offers a moderate yield with a strong foundation of stability due to the local rental market dynamics and the financial capabilities of its residents. Investors should focus on long-term strategies to capitalize on this market's characteristics.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.