Location: Carroll County-Galax city, VA | Metro: Carroll County-Galax city, VA HUD Nonmetro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 24325, located in Carroll County-Galax city, VA, reveals key insights into its viability for real estate investment, particularly focusing on Section 8 properties.
The rent math does not work favorably. The Fair Market Rent (FMR) for the area is set at $930 per month for the fiscal year 2026. However, the market rent is not available, making it difficult to compare the two figures. This lack of data suggests that landlords might struggle to cover costs with the FMR alone, especially if market rents are higher.
Acquisition affordability is somewhat limited. The median home value stands at $188,416. Without specific data on days on market (DOM) and the percentage of homes needing price cuts, it's challenging to gauge how competitive the buying process is. However, given the median home value, it appears that purchasing a property could be financially feasible for investors with a moderate budget.
Tenant demand is present but modest. With a total population of 979, 16.6% of residents are renters. This indicates a smaller pool of potential tenants compared to more densely populated areas, which could impact the speed of filling vacancies.
Verdict: While ZIP 24325 offers a reasonable entry point for real estate investors due to its median home value, the lack of market rent data and the relatively low renter population suggest that securing a steady stream of Section 8 tenants might be challenging. Investors should proceed with caution, considering the limited tenant base and the potential mismatch between FMR and actual market rents. Further research into local rental trends and tenant availability is recommended before committing to an investment in this area.
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.