Location: Carroll County-Galax city, VA | Metro: Blacksburg-Christiansburg-Radford, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 24347 reveals a unique balance between yield and stability that could be particularly appealing to landlords and small-portfolio investors. The Federal Market Rent (FMR) for ZIP 24347 is set at $950 for fiscal year 2024, while the market rent stands at $850. This suggests a slight premium for Section 8 properties in this area, enhancing the potential rental yield.
The median home value in ZIP 24347 is $221,352, which, when combined with the FMR, indicates a relatively high yield. For instance, if we consider an average monthly mortgage payment of around $1,000 based on typical financing terms, the $950 FMR would still leave room for a positive cash flow after covering other expenses such as property taxes, insurance, and maintenance.
Regarding stability, the data points towards a mixed scenario. Only 16.8% of residents are renters, which might suggest a less stable market due to lower demand for rentals. However, the median household income is $55,156, providing some assurance that tenants can afford their rent. The lack of data on days on market (DOM) makes it challenging to assess how quickly rental properties are occupied, but given the income levels, there is a reasonable expectation of steady cash flow once properties are leased.
To summarize, ZIP 24347 leans toward being a steady-cashflow zone rather than a high-yield/low-stability flip-style market. The key figures supporting this assessment are the $950 FMR compared to the $850 market rent, indicating a modest premium for Section 8 properties. Additionally, the median income of $55,156 suggests a stable tenant base capable of meeting their rental obligations. While the percentage of renters is low, the overall economic context supports a reliable stream of rental income.
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.