Location: Franklin County, 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 | $1,230 |
| 1 Bedroom | $1,250 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,950 |
| 4 Bedrooms | $2,220 |
| 5 Bedrooms | $2,575 |
| 6 Bedrooms | $2,884 |
| 7 Bedrooms | $3,115 |
| 8 Bedrooms | $3,271 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,250 | $255,831 | 0.49% | F |
| 2BR | $1,410 | $456,922 | 0.31% | F |
| 3BR | $1,950 | $529,313 | 0.37% | F |
| 4BR | $2,220 | $981,413 | 0.23% | F |
| 5BR | $2,575 | $1,355,043 | 0.19% | F |
U.S. Census Bureau data (2024)
The ZIP code 24121, located in Moneta, Virginia, within Bedford County, stands out due to its relatively low rental rate compared to the overall market and its moderate median income levels. With a population of 10,315, only 10.8% of residents rent their homes, indicating a primarily owner-occupied community. The median income in this area is $81,006, which is above the national average but still manageable for middle-class families. The median home value of $553,549 is also noteworthy, reflecting a stable housing market that supports both homeownership and investment.
In terms of voucher economics, the Fair Market Rent (FMR) for ZIP 24121 is set at $1,130 for fiscal year 2024, slightly below the Census-reported market rate of $1,178. This means that landlords participating in the Section 8 program can expect a payment standard that closely aligns with the local market conditions, ensuring a reasonable return on investment without significant financial strain.
The data signature for ZIP 24121 reads as "stable." The relatively high median home value and modest rental rate suggest a balanced market where demand for rental properties is steady but not excessive. Given the low percentage of renters and the moderate median income, the community appears to be financially stable, supporting long-term investment strategies for landlords and small-portfolio investors.
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.