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Rental Insights for ZIP Code 24078 (Collinsville, VA)

Housing Rentals in ZIP Code 24078 (Collinsville, VA)

24078 ZIP Code in Virginia

A Detailed Snapshot of Renters in the ZIP Code 24078

The 24078 ZIP Code is predominantly located in Collinsville, VA in Henry County. This Virginia region has an estimated median housing rent of $654 per month. About 45.2% of housing units in this Henry County ZIP Code are occupied by renters, while the region has an approximate rental vacancy rate of 23.5%.

The median rent in ZIP Code 24078 of $654 per month is 47% lower than the aggregate Virginia median monthly rent of $1,234, and is 38% lower than the $1,062 the median monthly rent in the U.S. overall. An estimated 75.8% of residents in ZIP Code 24078 have a monthly rent payment between $500 and $999. That is 180% higher than in Virginia overall, in which 27.1% of total state residents pay between $500 and $999 per month for housing. Just 1.1% of renters in this Collinsville, VA region pay between $1,000 and $1,499 per month for rent.

ZIP Code 24078 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 24078

See the chart below for a comparison of monthly rental costs in ZIP Code 24078, Virginia, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 24078 along with those in the state of Virginia and the U.S. overall. For example, what percentage of renters pay between $1,000 and $1,499 monthly.

Rental Cost in ZIP Code 24078

See the table below for the regional comparison of monthly rental costs.

Cost ZIP 24078 Virginia U.S.
Less than $500 23.1% 7.5% 9.4%
$500 to $999 75.8% 27.1% 36.2%
$1,000 to $1,499 1.1% 30.1% 30.0%
$1,500 to $1,999 0.0% 20.2% 14.0%
$2,000 to $2,499 0.0% 8.8% 5.6%
$2,500 to $2,999 0.0% 3.5% 2.4%
$3,000 or more 0.0% 2.8% 2.4%

Rent Cost vs. Income in ZIP Code 24078

Renters in ZIP Code 24078 use an estimated 25.68% of their income to cover their monthly rent payments. That is about 13% lower than in Virginia overall. The estimate for Virginia overall is 29.45% of income used for housing rent payments. In comparison to the U.S. as a whole, ZIP Code 24078 renters use about 14% less of their income to cover rent expense. Household income figures for ZIP Code 24078 come in lower than in Virginia as a whole. The median annual household income in ZIP Code 24078 of $39,399 sits approximately 47% lower than the overall Virginia median income of $74,222 and approximately 37% lower than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 24078

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 24078, Virginia, and also in the U.S. as a whole.

This chart visualizes monthly rent cost as a percentage of household income in ZIP Code 24078 along with the same calculations in the state of Virginia and the U.S. overall. For example, what percentage of renters pay 15.0 to 19.9 percent of the monthly household income toward rent.

Rent as a Percentage of Income in ZIP Code 24078

See the table below for the regional comparison of monthly rent as a percentage of household income.

Rent Cost as % of Income ZIP 24078 Virginia U.S.
Less than 15.0 percent 23.5% 12.7% 13.1%
15.0 to 19.9 percent 13.6% 13.7% 12.9%
20.0 to 24.9 percent 10.1% 14.0% 12.9%
25.0 to 29.9 percent 17.7% 11.8% 11.6%
30.0 to 34.9 percent 11.5% 9.3% 9.1%
35.0 percent or more 23.7% 38.5% 40.5%

Household Income in ZIP Code 24078

See the table below for the regional comparison of annual household income in ZIP Code 24078.

Income ZIP 24078 Virginia U.S.
Less than $10,000 9.1% 5.1% 6.0%
$10,000 to $14,999 8.1% 3.4% 4.3%
$15,000 to $24,999 10.7% 7.2% 8.9%
$25,000 to $34,999 15.4% 7.4% 8.9%
$35,000 to $49,999 20.8% 11.0% 12.3%
$50,000 to $74,999 17.7% 16.4% 17.2%
$75,000 to $99,999 8.3% 13.0% 12.7%
$100,000 to $149,999 7.8% 17.0% 15.1%
$150,000 to $199,999 2.1% 8.7% 6.8%
$200,000 or more 0.0% 10.9% 7.7%

Household Income in ZIP Code 24078

See the chart below for a comparison of annual household income figures in ZIP Code 24078, Virginia, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 24078 alongside the same figures for the state of Virginia and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 24078

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 24078.

ZIP 24078 Virginia U.S.
Median Housing Rent $654 $1,234 $1,062
Renter-Occupied Housing Units 45.2% 33.7% 36.0%
Rental Vacancy Rate 23.5% 5.4% 6.0%
Average Size of Renter-Occupied Unit 2.47 2.48 2.49
Average # of Bedrooms Per Unit 2.71 2.97 2.75
Percent of Income Spent on Rent 25.68% 29.45% 29.83%
Per Capita Income $20,708 $39,278 $34,103
Median Household Income $46,860 $101,746 $88,607
Living Below the Poverty Line 12.9% 7.1% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 24078

In ZIP Code 24078 (Collinsville, VA), and estimated 45.2% of housing units are occupied by renters. This region has an approximate rental vacany rate of 23.5%.

The per capita income in 24078 is estimated at $20,708, which goes along with an estimated median household income of $46,860. About 12.9% of residents in this Henry County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 2.47 occupants, while the units have an aggregate average size of 2.71 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 25.68% of their income on housing rental costs.

Rental FAQs for ZIP Code 24078

1

What is the median monthly rent in ZIP Code 24078?

Median rent for housing in ZIP Code 24078 in Henry County in Virginia is approximately $654 per month.
2

Is it expensive to rent in ZIP Code 24078?

Rent in ZIP Code 24078 is lower than average in the state of Virginia overall. The median monthly rent of $654 in ZIP Code 24078 is approximately 47% lower than the Virginia median of $1,234. Additionally, median rent in this Collinsville, VA region ($654) is about 38% lower than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 24078?

High-priced rentals are not common in the Collinsville, VA ZIP Code of 24078, as the region has no rentals costing $3,000 or more per month. In contrast, in the state of Virginia overall, approximately 2.8% of rentals fall in this upper tier of $3,000 or more per month.
4

Are affordable rentals common in ZIP Code 24078?

Affordable rentals are more common in ZIP Code 24078 than in Virginia overall. The percentage of housing rentals in ZIP Code 24078 costing $999 or less per month (98.9%) is approximately 186% higher than the Virginia rate of 34.6% that fall in that range. In addition, the aggregate U.S. rate of 45.6% paying $999 or less per month is about 117% lower than the previously mentioned 24078 rate of 98.9%.
5

What is the most common cost range that rentals fall into in ZIP Code 24078?

The most common range for rental cost in ZIP Code 24078 is between $500 and $999 per month. About 75.8% of renters in 24078 pay in this range for monthly rent. In comparison, approximately 27.1% of renters in the state of Virginia fall in the between $500 and $999 range, and 36.2% of overall U.S. renters fall in this range.
6

Does ZIP Code 24078 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 24078 is higher than the rental vacancy rate in the state of Virginia overall. Rental vacancy of 23.5% in ZIP Code 24078 is about 335% higher than the Virginia rate of 5.4%. Looking more broadly, rental vacancy in this Collinsville, VA region (23.5%) is an estimated 292% higher than the estimated rental vacancy rate of 6.0% in the U.S. overall.
7

What is the average household income in ZIP Code 24078? How does it compare to other Virginia regions?

Median household income in ZIP Code 24078 is lower than in the state of Virginia overall. Annual household income of $39,399 in ZIP Code 24078 is about 47% lower than the Virginia median of $74,222. Additionally, median household income in this Collinsville, VA region ($39,399) is approximately 37% lower than median household income of $62,843 in the U.S. as a whole.
8

How much of their income do renters in ZIP Code 24078 spend on housing costs?

Renters in ZIP Code 24078 spend a lower amount of their income on rent costs than do renters in Virginia overall. Renters in ZIP Code 24078 spend an estimated 25.68% of their income on rent payments, which is about 13% lower than the overall Virginia estimated rate of 29.45%. In addition, the aggregate U.S. estimated rate of 29.83% of income spent on housing rental costs is about 14% higher than the ZIP Code 24078 estimated rate of 25.68%.
9

Do renters in ZIP Code 24078 typically spend a large portion of their income on rent payments?

It is uncommon for renters in ZIP Code 24078 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 24078 spending 30 percent or more of their income on rent costs (35.2%) is approximately 26% lower than the Virginia rate of 47.8% that spend that much. In addition, the overall U.S. rate of 49.6% paying 30 percent or more of their income on rent costs is about 29% higher than the aforementioned 24078 rate of 35.2%.
10

What is the average household size of renter-occupied units in ZIP Code 24078?

The average household size of renter-occupied units in ZIP Code 24078 is lower than in the state of Virginia overall. Annual household size of 2.47 in ZIP Code 24078 is about 0% lower than the Virginia median of 2.48. Additionally, median household size in this Collinsville, VA region (2.47) is approximately 1% lower than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other Virginia ZIP Codes