Location: Patrick County, VA | Metro: Carroll County-Galax city, VA HUD Nonmetro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
U.S. Census Bureau data (2024)
The ZIP code 24328 is situated in a small-town setting with a population of 1,915 residents. Only 17.1% of these residents are renters, indicating a predominantly owner-occupied area. The median household income here stands at $56,659, which is relatively modest compared to larger metropolitan areas. The median home value in the region is $233,235, reflecting a modest cost of living.
Turning to the economic realities of renting in 24328, the Fair Market Rent (FMR) set by HUD for the metro area in fiscal year 2026 is $990. However, the actual market rent, according to Census ACS data, is significantly lower at $752. This discrepancy suggests that there might be an opportunity for Section 8 landlords to operate profitably without having to significantly increase rents to match the FMR.
Given the characteristics of ZIP 24328, it would likely suit a hands-off voucher operator. The low percentage of renters and modest income levels indicate that demand for subsidized housing could be steady but not exceptionally high. For a hands-on value-add buyer, the potential for significant returns may be limited due to the modest median home values and incomes. However, if the goal is to provide affordable housing and maintain a stable occupancy rate, operating in this ZIP code can be viable.
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.