Location: Halifax County, VA | Metro: Halifax County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
U.S. Census Bureau data (2024)
The ZIP code 24534 stands out due to its unique demographic profile and rental market dynamics. With only 1,655 residents, it has a relatively small population, but 11.4% of these residents rent their homes. The median income for households in this ZIP is $41,038, which is a key figure when considering the financial stability of potential tenants. However, the lack of data on median home value suggests that this area might have limited homeownership activity or an incomplete dataset.
Moving to the voucher economics, the Fair Market Rent (FMR) for ZIP 24534, as set by HUD for metro areas in fiscal year 2026, is $1,030. This figure represents the maximum amount that the government will pay landlords through the Section 8 program for a given unit. In contrast, the current market rent, based on Census ACS data, is significantly lower at $527 per month. This disparity indicates a potential opportunity for landlords who can attract tenants with vouchers, as they can receive higher rents than the local market rate.
The data signature for ZIP 24534 reads as stable, with no immediate indicators of significant change in its economic base or housing trends. The low market rent relative to the FMR suggests that landlords could benefit from participating in the Section 8 program, as they would likely see an increase in rental income compared to non-voucher tenants. Additionally, the median income provides assurance regarding the financial standing of the residents, making the area attractive for landlords looking for reliable tenants. Despite the small population size, the combination of the FMR being twice the market rent and a modest percentage of renters indicates a steady demand for subsidized housing units, which can be a reliable source of income for landlords.
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.