Location: Wythe County, VA | Metro: Wythe County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
The ZIP code 24322 presents a unique challenge for landlords and small-portfolio investors interested in attracting Section 8 tenants. With a population of 124 residents, the percentage of renters is listed at 0.0%, indicating that this area is predominantly composed of homeowners rather than renters. This suggests that the demand for rental properties, particularly those utilizing Section 8 vouchers, is likely to be low.
The median household income in ZIP 24322 stands at $48,482. Given the lack of specific market rent data, we can infer that the rental market here is not well-documented or extensive. However, comparing this income level to the Fair Market Rent (FMR) of $910 for the fiscal year 2026 in the metro area, it becomes evident that the typical rent consumes a significant portion of the local income. Assuming a standard rent-to-income ratio, a household earning the median income would spend approximately 19.2% of their annual income on rent alone if they were renting a property at the FMR rate. This percentage is calculated based on the assumption that the market rent aligns closely with the FMR, which is often the case in smaller markets.
Landlords in ZIP 24322 should prepare for a tenant pool that is less likely to include a high volume of Section 8 voucher holders. The scarcity of renters means that those who do seek housing assistance through vouchers might face competition for the limited rental units available. Tenants here will likely be individuals or families who are financially constrained but still above the poverty line, given the median income figure. They will be looking for affordable housing options that fit within their budget, making properties priced near or slightly below the FMR particularly attractive.
To summarize, ZIP 24322 is not an ideal location for focusing solely on Section 8 tenants due to its low renter population. Landlords should diversify their approach and consider the broader rental market while being aware of the financial capabilities of potential tenants. The expected tenant profile includes individuals and families who are seeking affordable housing solutions but are unlikely to have access to Section 8 vouchers in abundance.
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.