Section 8 Fair Market Rent (FMR) for ZIP 24324 - 2027
Location: Wythe County, VA | Metro: Pulaski County, VA HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $790 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$80,066
A landlord considering ZIP 24324 for Section 8 investments must follow a structured decision-making process based on the following criteria:
- Does the FMR of $930 cover the debt service on a $239,008 property?
- Yes: The Fair Market Rent (FMR) of $930 is sufficient to meet the debt service requirements for a property priced at $239,008. This indicates that the rental income can support the mortgage payments and other expenses associated with the property.
- No: If the FMR does not cover the debt service, then purchasing a property in ZIP 24324 for Section 8 purposes would be financially unwise. The landlord would need to ensure that the FMR can sustainably cover all costs involved in owning the property.
- Is the market rent of $635 above, at, or below the FMR?
- Above: If the market rent exceeds the FMR, landlords might consider renting outside of Section 8 to maximize their income. However, this scenario is not applicable given the data since the market rent is below the FMR.
- At: Not applicable in this case as the market rent is lower than the FMR.
- Below: With a market rent of $635 being below the FMR of $930, landlords would find it advantageous to participate in the Section 8 program. This ensures they receive a higher rent amount, closer to the FMR, which is beneficial for covering costs and maintaining profitability.
- Are 6.1% renters and N/A-day days on the market (DOM) indicative of sufficient demand?
- It Depends: The percentage of renters at 6.1% suggests a modest level of demand. However, without specific data on days on the market (DOM), it's challenging to assess the overall market liquidity accurately. If DOM is low, indicating quick sales, there may still be sufficient demand despite the lower percentage of renters. Conversely, if DOM is high, it could signal slower market activity and reduced demand.
To summarize, if the FMR of $930 can indeed cover the debt service on a $239,008 property, and the market rent of $635 is below the FMR, participating in Section 8 in ZIP 24324 is a sound financial decision. However, the adequacy of demand, represented by the 6.1% renters and unknown DOM, requires further investigation to make a final determination.
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.