Location: Carroll County-Galax city, VA | Metro: Carroll County-Galax city, VA HUD Nonmetro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
34.0% of residents in ZIP 24351 are renters, indicating a strong demand for rental properties in the area. With a Fair Market Rent (FMR) set at $990 for metro FY 2026, landlords can expect to receive reasonable payments through the Section 8 program. The Census ACS reports a market rent of $1,082, which is slightly above the FMR, suggesting that the rental market is competitive and landlords could potentially charge higher rents outside of the Section 8 program. The median home value stands at $133,239, providing a benchmark for property values in the region. However, the lack of specific data on median income and days on market (DOM) means that landlords must be cautious about setting rents too high, as affordability could become an issue for potential tenants. Similarly, without knowing the percentage of price-cut share, it's difficult to predict how flexible sellers might be in the event of slow sales. In conclusion, while the rental market in ZIP 24351 shows promise, particularly with the high renter share and relatively favorable FMR, landlords should remain attentive to local economic conditions and tenant affordability. For small-portfolio investors considering Section 8 participation, the data supports a positive outlook, given the established FMR and the existing demand for rental housing.
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.