Location: Patrick County, VA | Metro: Floyd County, 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 | $840 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,320 | $352,451 | 0.37% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 24091 in fiscal year 2024 is set at $910. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is a federal government housing assistance initiative. It's important to note that this is the payment standard set by the government, not the actual rent you would charge your tenants.
In comparison, the average rent in ZIP 24091, based on Census American Community Survey (ACS) data, is $952. This indicates that the market rent slightly exceeds the FMR, suggesting that landlords who accept Section 8 vouchers might receive a bit less than the typical market rate.
The 16.0% share of renters in the area implies that there is a moderate level of demand for rental properties. However, this percentage does not directly translate to the number of potential Section 8 tenants, as it includes all types of renters. To understand the specific demand for Section 8 housing, you should verify the number of active vouchers in the area with the local housing authority.
If you're considering purchasing a property in ZIP 24091 for a Section 8 rental, the median home value is approximately $304,577. This figure reflects the typical acquisition cost for a home in this area, which can help you assess whether the investment aligns with your financial goals and risk tolerance.
A key factor before making this investment is to ensure that the property meets the Housing Quality Standards (HQS) required by the Section 8 program. These standards cover safety and habitability issues such as structural integrity, heating, plumbing, and electrical systems. A thorough inspection and any necessary repairs to meet these standards will be crucial to qualify for the program.
In summary, the FMR of $910 sets the ceiling for rent under Section 8, while the local average of $952 gives you an idea of the market conditions. The 16.0% renter share suggests some demand, but you must confirm the number of active vouchers locally. The median home value of $304,577 is a starting point for understanding the acquisition costs. Before proceeding, make sure your property complies with HQS requirements.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.