Location: Patrick County, VA | Metro: Floyd County, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
The real estate market in ZIP code 24380 presents a unique opportunity for both landlords and small-portfolio investors, anchored by the median home value of $245,791. This figure serves as a baseline for understanding the local housing landscape. The absence of percentage reductions in listings and the unspecified median days on market (DOM) suggest that the area maintains a steady demand for properties without significant fluctuations.
On the rental side, the forward-looking market analysis reveals an interesting dynamic. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is projected at $970, while the current market rent stands at $782, based on Census ACS data. This gap indicates potential for rental income growth as market rents are likely to trend towards the FMR over time. Landlords can expect a gradual increase in rental rates, enhancing their revenue streams.
For long-term investors, the setup in ZIP 24380 implies a realistic appreciation thesis. Given the steady median home values and the positive rent-side dynamics, there is a foundation for property value appreciation. However, the lack of specific DOM and listing reduction percentages suggests that the pace of appreciation might be moderate rather than rapid. Investors should anticipate a conservative growth rate, aligning with broader regional trends and the natural progression of rental market conditions.
In summary, the combination of a stable median home value and favorable rental market projections signals a balanced environment for pricing power. Landlords and investors can leverage the current market conditions to secure solid returns, both through rental income and gradual property value appreciation, over the next 12-24 months.
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.