Location: Giles 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 | $1,220 |
| 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 | $119,859 | 0.85% | C |
| 3BR | $1,220 | $181,620 | 0.67% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 24147, Rich Creek, Virginia, for fiscal year 2024 is set at $910. This figure represents the maximum amount that a landlord can receive through the Section 8 Housing Choice Voucher program for a given unit. It is important to note that this is not the rent you will charge your tenants; rather, it is the payment standard that the government uses to determine the maximum subsidy amount.
In comparison, the average rent for the area, according to the Census Bureau's American Community Survey, is $689. This indicates that the FMR is higher than the local average, which could be beneficial for landlords participating in the Section 8 program. The difference between these two figures suggests that there is a potential for landlords to receive a subsidy that helps cover the gap between the local market rate and the FMR.
The 42.5% share of renters in the area points to a significant portion of the population who rely on rental housing. This high percentage of renters translates into a steady demand for rental properties, making it a favorable market for those interested in entering the rental business through Section 8.
When considering purchasing a property for a Section 8 rental, the median home value in ZIP 24147 is around $159,891. This figure reflects the typical cost of acquiring a home in the area, which can be an affordable entry point for small-portfolio investors looking to diversify their investments.
Before proceeding with a Section 8 rental, one crucial step is to verify the physical condition of the property. The government requires that all units meet certain housing quality standards (HQS) to ensure they are safe and habitable. This means checking for issues such as lead paint, mold, and structural integrity. Ensuring your property meets these standards is essential for approval and maintaining a successful Section 8 rental.
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.