Location: Patrick County, VA | Metro: Carroll County-Galax city, VA HUD Nonmetro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
U.S. Census Bureau data (2024)
143,736 The median home value in ZIP 24317 underscores a stable housing market, which is attractive for real estate investment. 764 This is the average market rent as reported by the Census ACS, indicating that properties in this area can command rents above the national average. 1,100 The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at this figure, suggesting that rental properties priced at or below this amount will be competitive for Section 8 tenants. 23.9 This percentage represents the share of renters in the area, highlighting a significant portion of the population who rely on rental housing. 38,412 The median income figure points to an economy where residents have the financial means to support rental payments, especially when considering the availability of Section 8 vouchers. N/A The lack of data on days on market (DOM) and the percentage of price-cut share indicates either a strong local market or limited transactional activity that could be beneficial for investors looking to avoid frequent price negotiations.
1,100 In ZIP 24317, the FMR of this amount provides a clear benchmark for landlords and small-portfolio investors seeking to participate in the Section 8 program. 764 With the market rent at this level, there is a margin for profit while still remaining within the affordable range for voucher holders. 143,736 The median home value suggests that property appreciation is likely, offering both rental income and potential capital gains. 23.9 Given the renter share of this percentage, there is a steady demand for rental properties, reducing the risk of vacancies. 38,412 The median income figure supports the viability of the Section 8 program in this area, ensuring that tenants can meet their obligations without placing undue burden on the local economy.
Based on these figures, the verdict for Section 8 participation in ZIP 24317 is positive, offering a balance between affordability and profitability for landlords.
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.