Section 8 Fair Market Rent (FMR) for ZIP 24055 - 2027

Location: Patrick County, VA | Metro: Franklin County, VA HUD Metro FMR Area

Investment Score for ZIP 24055

Monthly Rent (2BR)

$940

Median Price (2BR)

$131,865

1% Rule

0.71%

Annual Yield

8.55%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$770
1 Bedroom	$780
2 Bedrooms	$940
3 Bedrooms	$1,190
4 Bedrooms	$1,430
5 Bedrooms	$1,659
6 Bedrooms	$1,858
7 Bedrooms	$2,007
8 Bedrooms	$2,107

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$940	$131,865	0.71%	D
3BR	$1,190	$196,502	0.61%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

11,814

Median Household Income

$45,227

Housing Units

6,356

Renter Percentage

23.5%

Occupancy Rate

84.2%

Renter Occupied

1,259

The ZIP code 24055, encompassing Bassett, Virginia, offers a unique blend of rural charm and accessibility to urban amenities, making it an intriguing market for real estate investors. Nestled in the heart of Virginia's Blue Ridge Mountains, this area provides a tranquil living environment while being within commuting distance to larger cities such as Roanoke.

Fair Market Rent (FMR) for ZIP 24055: The Fair Market Rent for the area in fiscal year 2024 is set at $910, reflecting the government's benchmark for rental affordability.
Market Rent: According to Census ACS data, the average market rent for the area stands at $580, indicating a significant gap between the actual rents charged and the government's FMR.
Median Home Value: The median home value in ZIP 24055 is $134,204, which is relatively low compared to surrounding areas, offering a cost-effective entry point for investors.
Renter Share: With 23.5% of households being renters, there is a notable demand for rental properties, suggesting potential opportunities for landlords and small-portfolio investors.
Median Income: The median household income in the area is $45,227, which aligns well with the FMR, making it a stable market for rental properties.

Bassett, Virginia, presents a balanced market for real estate investment. Despite having a lower median home value and market rent, the area benefits from a substantial renter share and median income that supports the government's FMR. This indicates a steady demand for affordable housing options, making it an attractive location for landlords and small- portfolio investors looking for reliable returns. The discrepancy between the FMR and market rent also suggests room for growth in rental pricing, provided investors can offer competitive, quality living spaces. Overall, ZIP 24055 offers a promising opportunity for those willing to invest in a stable, growing market.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.