Location: Pittsylvania County-Danville city, 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 |
|---|---|---|---|---|
| 3BR | $1,480 | $286,314 | 0.52% | F |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1,150 for ZIP 24139 in fiscal year 2024 will sufficiently cover the mortgage on a home valued at $205,568. The median household income in ZIP 24139 is $35,077, which is lower than the surrounding areas, indicating a potentially challenging market for attracting tenants who can afford higher rents.
The second objection could be about the level of renter demand, given that only 32.1% of the population are renters. This figure suggests that there may not be a robust rental market, which could affect the ability to fill properties and maintain occupancy rates. However, the percentage of renters is a snapshot of the current situation; it does not account for potential future changes in the local economy or housing preferences.
A final concern might be whether Housing Choice Vouchers will keep pace with market rents. Unfortunately, the data does not provide specific information regarding voucher amounts for ZIP 24139. Given the lower median household income, it is possible that voucher recipients may struggle to meet the full market rent of $1,150. Landlords should consider the likelihood of needing to subsidize the difference between the voucher amount and the actual rent.
In summary, while the FMR of $1,150 is set for the area, the median household income of $35,077 indicates that finding tenants capable of paying this rent could be difficult. Additionally, the relatively low percentage of renters at 32.1% poses another challenge. Lastly, the lack of specific voucher data means there is uncertainty about how well these subsidies will align with market rents.
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.