Location: Bland County, VA | Metro: Giles 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 | $800 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,230 |
| 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 | $1,020 | $127,128 | 0.8% | C |
| 3BR | $1,230 | $187,708 | 0.66% | D |
| 4BR | $1,580 | $224,463 | 0.7% | D |
U.S. Census Bureau data (2024)
The median income in ZIP 24124, Narrows, VA, stands at $62,854 per year. Given the market rate for rent is $718 per month according to the Census ACS, a household in this area would spend approximately $8,616 annually on rent alone. This equates to roughly 13.7% of their annual income.
In contrast, the Fair Market Rent (FMR) as determined by HUD for zip code 24124 in fiscal year 2024 is set at $960 per month. If a landlord accepts Section 8 vouchers, they will receive this amount, which is significantly higher than the current market rate. However, it's important to note that the voucher program aims to cover only 30% of the household's income, meaning recipients must also contribute part of their earnings towards rent.
With 15.9% of the 4,042 residents being renters, the overall rental market is relatively small. The affordability gap between the median income and the higher FMR suggests that there is a significant portion of the population who might struggle to pay market rates without assistance. For landlords, this means that competition could be fierce when it comes to attracting tenants willing to pay the market rate.
The takeaway for landlords considering whether to accept Section 8 vouchers or focus on cash-paying tenants is clear: while accepting vouchers guarantees a higher monthly rent of $960, it also limits the pool of potential tenants to those who qualify for the program. On the other hand, targeting cash-paying tenants could mean lower rents but potentially less risk of vacancy given the smaller rental market size. Landlords should weigh these factors carefully, considering both the financial benefits and the broader implications for their tenant mix and property management strategy.
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.