Location: Alleghany County-Clifton Forge city-Covington city, VA | Metro: Alleghany County-Clifton Forge city-Covington city, VA HUD Nonmetro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The ZIP code 24474 is situated in a rural area primarily composed of small towns and communities. With a total population of just 146 residents, it's evident that this is not a densely populated urban environment. In fact, there are no renters reported in the area, which means that the housing stock is entirely owned rather than rented out. The median income figure is not available, suggesting either limited economic activity or insufficient data to provide an accurate average. However, the median home value stands at $104,038, indicating that properties in this ZIP code are relatively affordable.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $920. This is a key figure for Section 8 investors as it represents the benchmark for rental assistance payments. Notably, the market rent for the area is listed as N/A, which could be due to the lack of rental properties or insufficient data to establish a reliable market rate. Given the absence of renters and the limited economic indicators, it's challenging to assess the typical rental rates without additional local data.
Considering these factors, ZIP code 24474 would likely be more suitable for a hands-off voucher operator rather than a hands-on value-add buyer. The low population density and the ownership-based housing structure suggest that there is minimal demand for rental properties. For a hands-off operator, the opportunity lies in the potential for converting some of the owned homes into rental units eligible for Section 8 vouchers, leveraging the FMR as a guide for setting rents. However, the absence of market rent data implies that any such conversion would need to be approached cautiously, ensuring compliance with HUD guidelines and understanding the unique dynamics of this rural ZIP code. A value-add buyer might struggle to find opportunities to improve and increase the value of properties in an area with such limited economic activity and data points.
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.