Location: Rockbridge County-Buena Vista city-Lexington city, 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 |
U.S. Census Bureau data (2024)
The ZIP code 24476 stands out due to its unique demographic and economic characteristics. With only 227 residents, it has a very low population density. Notably, there are no residents renting, indicating that this area is primarily composed of homeowners. The lack of available data on median income and median home value suggests that this ZIP code might have limited housing stock or an unusual distribution of property types.
Moving to the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 24476 is set at $1210 for fiscal year 2024. This figure is critical for landlords and small-portfolio investors as it represents the maximum rent allowed under the program. However, the absence of market rent data means that there is no direct comparison to gauge how the FMR aligns with local rental trends. This gap in information can make it challenging to predict the demand for Section 8 vouchers in this particular ZIP code.
The data signature for ZIP 24476 reads as "stable," given the consistent trend of zero rental activity. However, the lack of median income and home value data introduces an element of uncertainty. Investors should be cautious about interpreting this stability without further context on the local economy and housing market. Engaging with local real estate professionals and reviewing broader county-level data could provide additional insights into the potential for transitional changes in this ZIP code's housing dynamics.
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.