Location: Franklin County, VA | Metro: Blacksburg-Christiansburg-Radford, VA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,090 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,810 |
| 4 Bedrooms | $2,150 |
| 5 Bedrooms | $2,494 |
| 6 Bedrooms | $2,793 |
| 7 Bedrooms | $3,016 |
| 8 Bedrooms | $3,167 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,810 | $340,987 | 0.53% | F |
U.S. Census Bureau data (2024)
The market in ZIP code 24059 presents a unique set of characteristics that frame it as an area in constant motion, driven by the interplay between rental and ownership markets. With a Fair Market Rent (FMR) of $1040 for the fiscal year 2024, it's evident that rental costs are relatively low compared to other regions. However, the absence of market rent data suggests that there might be limited rental properties available, which could indicate a preference for homeownership over renting.
The median home value of $342,027 offers insight into the overall cost of living in the area. This figure is significant for both landlords and small-portfolio investors, as it reflects the potential resale value of properties should they decide to sell. The lack of a price-cut share and days on market (DOM) data points to a stable market, where homes are likely selling at or near their asking price without extended periods of being listed.
A critical aspect of the ZIP 24059 market is the 0.0% renter share, indicating that virtually all residents are homeowners. This statistic implies a long-term trend towards ownership, which can alleviate immediate housing pressures but also suggests that any increase in population or economic activity could lead to a surge in housing demand, primarily for homeownership. For landlords, this means that the rental market is niche and may require specialized knowledge to navigate effectively.
In conclusion, the dynamics of ZIP 24059 suggest a market where demand for homeownership is strong, and the rental market is underdeveloped. Investors looking to capitalize on the rental sector must understand that this is a specialized market, while those interested in the purchase or sale of homes can expect a stable environment with clear pricing. The low FMR and high median home value create a distinct landscape where the balance between supply and demand is heavily tilted towards homeownership, making it a prime location for long-term investment strategies focused on property appreciation rather than short-term rental yields.
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.