Location: Bath County, VA | Metro: Bath County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The ZIP code 24412 is situated in a predominantly homeowner-driven area where the population is relatively small at 205 residents. Notably, there are no reported renters in this community, indicating a strong preference for homeownership. The median household income in this region is exceptionally high at $250,001, suggesting an affluent demographic. However, the lack of data on median home values makes it challenging to assess the overall property market dynamics.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $980. This figure represents the benchmark for rental costs supported by the Section 8 housing choice voucher program. Unfortunately, specific data regarding the market rent for ZIP 24412 is unavailable, which implies that there might be limited rental activity or a lack of recent data collection in this area.
Given the characteristics of ZIP 24412, it would not be an ideal location for a hands-off Section 8 voucher operator due to the absence of renters and limited rental market data. The focus on homeownership and the high median income suggest that any rental properties would likely cater to a niche market of high-income earners. For a hands-on value-add buyer, however, there could be potential opportunities if they can identify underutilized assets or areas for improvement in the local real estate landscape. This strategy would require active management and a keen understanding of the local market's unique dynamics to succeed.
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.