Section 8 Fair Market Rent (FMR) for ZIP 24150 - 2027

Location: Giles County, VA | Metro: Giles County, VA HUD Metro FMR Area

Investment Score for ZIP 24150

Monthly Rent (2BR)

$960

Median Price (2BR)

$137,087

1% Rule

0.7%

Annual Yield

8.4%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$750
1 Bedroom	$870
2 Bedrooms	$960
3 Bedrooms	$1,190
4 Bedrooms	$1,490
5 Bedrooms	$1,728
6 Bedrooms	$1,935
7 Bedrooms	$2,090
8 Bedrooms	$2,195

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$960	$137,087	0.7%	D
3BR	$1,190	$204,109	0.58%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

883

Median Household Income

$62,031

Housing Units

431

Renter Percentage

8.9%

Occupancy Rate

83.3%

Renter Occupied

The ZIP code 24150, located in Pembroke, Virginia, represents a modest-sized community with distinct rental and homeownership dynamics. This area is characterized by a mix of rural and suburban elements, offering potential investors a niche market with specific opportunities and challenges.

The Fair Market Rent (FMR) for ZIP 24150 in fiscal year 2024 is set at $920, providing a benchmark for rental pricing that landlords should consider when setting their rates.
Despite the lack of recent market rent data, the FMR serves as a reliable indicator of what tenants can expect to pay, ensuring landlords remain competitive within the bounds of affordability.
The median home value stands at $173,528, which is relatively low compared to other regions, suggesting a cost-effective entry point for investment properties.
Renters make up 8.9% of the population, indicating a smaller but potentially stable tenant base. However, this also implies a significant portion of the housing stock is owner-occupied, which could affect the availability of rental units.
The absence of day DOM (days on market) data for rental listings means that landlords must closely monitor local trends to optimize their property's listing duration and rental rate.
The median household income is $62,031, offering insight into the financial capacity of residents to afford higher rents or purchase homes, which can influence both rental and sales strategies.

Synthesizing these points, investors in ZIP 24150 should focus on properties that align with the Fair Market Rent of $920, leveraging the lower median home values to secure investments at a reasonable cost. The modest income levels suggest a need to balance rental pricing with affordability to maintain occupancy rates. Given the limited rental market data, landlords must be proactive in adjusting their strategies based on local conditions and trends to ensure success in this niche market.

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.