Location: Franklin County, VA | Metro: Franklin 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 | $940 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $980 | $143,396 | 0.68% | D |
| 2BR | $1,070 | $190,738 | 0.56% | F |
| 3BR | $1,480 | $284,503 | 0.52% | F |
| 4BR | $1,790 | $363,143 | 0.49% | F |
| 5BR | $2,076 | $416,806 | 0.5% | F |
U.S. Census Bureau data (2024)
ZIP code 24151 encompasses a portion of Rocky Mount, Virginia, a community with a total population of 18,154. The area has a significant rental market, with 32.7% of residents being renters. The median household income in this ZIP is $65,223, which places it above the national average, indicating a stable economic base. However, the median home value stands at $266,237, suggesting that homeownership is relatively expensive compared to other areas in the region.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 24151 in fiscal year 2024 is set at $940. This is notably lower than the market rent, as measured by Zillow's ZORI index, which is $1,150. This discrepancy highlights a potential opportunity for landlords who can leverage the higher market rents while still qualifying for Section 8 vouchers, which typically cover the FMR.
The area is well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the stability of the Section 8 program ensures a steady stream of rental income at the FMR rate, which is sufficient given the local median income levels. These landlords can focus on maintaining properties without the need for extensive tenant screening or market fluctuations.
On the other hand, value-add buyers have an opportunity to capitalize on the difference between the FMR and market rent. By improving property conditions and amenities, they can command higher rents and attract tenants willing to pay beyond the subsidized rates. This strategy requires more active management but can lead to greater financial returns over time.
In summary, ZIP 24151 offers a balanced approach for Section 8 investors, combining a stable economic environment with a chance for higher market rents. Landlords should consider their investment goals and management preferences when deciding whether to pursue a passive or active role in the market.
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.