Location: Staunton-Stuarts Draft, VA | Metro: Staunton-Stuarts Draft, VA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
The Section 8 market in ZIP code 24463, located in Staunton-Stuarts Draft County, VA, is characterized by a Fair Market Rent (FMR) set by HUD at $1210 for fiscal year 2024. This figure is critical for landlords and small-portfolio investors considering the program. However, without specific market rent data, it's challenging to provide a precise comparison. Assuming the market rent aligns closely with the HUD FMR, voucher tenants would likely cashflow at the FMR level.
To derive a rent-to-price ratio, we need the median home value, which is currently unavailable. This ratio would help investors understand the relative cost of renting versus buying in the area. Similarly, the median days on market (DOM) and the percentage of homes that experience price cuts during the listing period are also not available. These metrics are crucial for assessing the local real estate market's health and can influence rent-vs-buy dynamics.
Despite the lack of detailed market rent data, the HUD FMR provides a reliable benchmark for rental pricing. Given the $1210 FMR, landlords can expect stable cashflow from voucher tenants, especially when focusing on properties that match the FMR criteria. The absence of market rent data suggests that the HUD FMR might be reflective of the broader rental market conditions in the area.
In conclusion, the strongest investor angle in ZIP 24463 is likely cashflow, given the predictable nature of the Section 8 program and the established HUD FMR. This makes the area attractive for those seeking consistent income streams from their investment properties.
Data Sources: FMR data from HUD (2027).
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.