Section 8 Fair Market Rent (FMR) for ZIP 24815 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

The ZIP code 24815, located in the heart of Southwest Virginia, is a burgeoning market characterized by its rural charm and growing appeal to renters. The area benefits from a mix of natural beauty and accessibility to key services, making it an attractive location for both residents and investors.

• Fair Market Rent (FMR) for ZIP 24815 is set at $870 for a metro area in fiscal year 2026. This figure represents the average rent that landlords can expect to receive for a two-bedroom apartment, indicating a stable rental market.
• The market rent for the area is currently unavailable. This suggests that there may be limited recent data on actual rental prices, which could mean that the area is less saturated with rental properties or that the market is still developing.
• The median home value for ZIP 24815 is also not available. This lack of data points to a possible smaller number of sales transactions, which can indicate a lower turnover rate in the housing market or a need for updated statistics.
• Renters make up 19.5% of the total population in the area. This percentage highlights a significant but not overwhelming demand for rental properties, suggesting potential opportunities for growth in the rental sector.
• The days on market (DOM) for properties in ZIP 24815 is not available. This missing information could imply that listings are either sold quickly or that there is a lack of recent sales activity, which might affect the liquidity of investments in this area.
• The median income for the area is not available. Without this figure, it's challenging to assess the economic capacity of the local population to pay higher rents, though the relatively low FMR suggests a moderate income level.

In summary, ZIP 24815 presents a modest yet promising investment opportunity for landlords and small-portfolio investors. With a stable Fair Market Rent and a notable renter share, the area supports a consistent demand for rental housing. However, the lack of recent market data, including median home values and median incomes, requires further investigation before making significant investment decisions. The current FMR of $870 offers a reliable benchmark for pricing rental units, while the limited availability of other metrics calls for a cautious approach to understand the full dynamics of the local real estate market.

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.