Location: Highland County, VA | Metro: Highland County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
The ZIP code 24433 presents an interesting scenario for both renters and landlords. With a median household income of $79,444, residents have a relatively stable financial foundation. However, the market rate for rent is listed as N/A, which suggests either insufficient data or that rental properties are scarce in this area. The latter is supported by the fact that there are only 88 residents and 0.0% of them are renters.
In comparison to the voucher payment standard, which is set at $910 for the Fair Market Rent (FMR) in the metro area for fiscal year 2026, the potential affordability gap is evident. This figure represents what the government deems a reasonable rent cost for a two-bedroom apartment, adjusted for local market conditions. Given the scarcity of rental units and the low percentage of renters, landlords might find themselves in a unique position where they can leverage the FMR to attract tenants who qualify for housing vouchers.
The limited number of renters and the overall small population indicate a highly competitive environment for landlords. In such a setting, the appeal of cash-paying tenants versus those using housing vouchers becomes a strategic decision. Cash-paying tenants offer the convenience of direct payments without the administrative overhead associated with processing housing vouchers. However, the FMR of $910 provides a benchmark that can be used to price properties attractively for voucher recipients, potentially increasing occupancy rates in an area where rental demand is already constrained.
Takeaway: For landlords considering their tenant mix, focusing on the voucher payment standard of $910 could be a viable strategy to fill vacancies in ZIP 24433. While the market rate is unknown, the FMR offers a clear guideline for pricing that aligns with government assistance programs. This approach can help landlords tap into a segment of the population that may otherwise struggle to find affordable housing options in this tight market. However, landlords should also consider the benefits of cash-paying tenants, weighing the trade-offs between guaranteed government payments and the ease of managing fewer administrative processes.
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.