Location: Halifax County, VA | Metro: Halifax County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
U.S. Census Bureau data (2024)
The ZIP code 24520 presents a unique scenario for real estate investment, particularly for those interested in Section 8 properties. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $910. This figure stands in contrast to the market rent of $756, indicating that Section 8 properties can command a higher rental rate compared to the general market. However, it's important to note that there is no available data on home values for this ZIP code, which suggests that the housing stock might be predominantly rental units rather than owner-occupied homes.
On the stability axis, the ZIP code shows a significant portion of renters, with 22.4% of residents being tenants. While the average days on market (DOM) is not provided, the median household income of $42,841 offers insight into the economic health of the area. This income level is relatively low, which could indicate a higher demand for affordable housing options such as Section 8 properties. Despite the lack of DOM data, the presence of a notable percentage of renters and the income figure suggest a market that leans towards moderate stability, given the reliance on rental housing and the need for affordable options.
Based on these figures, ZIP 24520 appears to be a high-yield/moderate-stability market. The higher FMR compared to the market rent implies potential for greater cash flow when utilizing Section 8 vouchers. However, the absence of home value data and the lower median income point towards a market that is not entirely stable, but one where the demand for affordable housing can support steady cash flow. Landlords and small-portfolio investors should consider the balance between the attractive yields and the necessity to manage a tenant base that may have varying levels of financial stability.
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.