Location: Lynchburg, VA | Metro: Lynchburg, VA MSA
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 | $930 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,070 | $240,284 | 0.45% | F |
| 3BR | $1,480 | $328,467 | 0.45% | F |
| 4BR | $1,580 | $442,689 | 0.36% | F |
U.S. Census Bureau data (2024)
The ZIP code 24095, located in Goodview, VA, has a population of 3,962 residents. With only 8.5% of the population being renters, this area is predominantly a homeowner-dominated region rather than a renter-heavy one. The scarcity of renters suggests that the demand for Section 8 vouchers is limited, making it less favorable for landlords looking to attract a high volume of subsidized tenants.
The median household income in this ZIP code stands at $80,246, which is relatively high. The typical market rent of $985 represents approximately 12.3% of the local median income. This percentage is calculated by dividing the average monthly rent by the annual median income and multiplying by 100. In comparison, the Fair Market Rent (FMR) for FY 2024 is set at $1,180, indicating that the current market rent is below the FMR threshold, suggesting a potentially competitive rental market where landlords might need to offer incentives to attract tenants.
A landlord in ZIP 24095 should expect tenants who are likely to be financially stable due to the higher median income level. However, the low percentage of renters implies that the number of potential Section 8 tenants will be limited. Landlords must weigh the benefits of accepting vouchers against the broader appeal of renting to non-subsidized tenants who may offer higher rents or fewer administrative hurdles.
To summarize, while the income levels suggest that most residents can afford the typical rent, the limited number of renters means that landlords should not expect a large pool of Section 8 tenants. Instead, they should prepare for a smaller but potentially more financially secure tenant base, with competition for renters being a consideration in setting rental prices and terms.
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.