Section 8 Fair Market Rent (FMR) for ZIP 24162 - 2027

Location: Floyd County, VA | Metro: Blacksburg-Christiansburg-Radford, VA HUD Metro FMR Area

Investment Score for ZIP 24162

Monthly Rent (2BR)

$1,150

Median Price (2BR)

$191,492

1% Rule

0.6%

Annual Yield

7.21%

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	$850
1 Bedroom	$900
2 Bedrooms	$1,150
3 Bedrooms	$1,540
4 Bedrooms	$1,920
5 Bedrooms	$2,227
6 Bedrooms	$2,494
7 Bedrooms	$2,694
8 Bedrooms	$2,829

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	$1,150	$191,492	0.6%	D
3BR	$1,540	$271,725	0.57%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,259

Median Household Income

$73,348

Housing Units

905

Renter Percentage

33.2%

Occupancy Rate

89.3%

Renter Occupied

268

Shawsville, VA, located in the zip code 24162, is a rural community with a strong rental market driven by affordable housing options and a relatively stable economy. The area's characteristics make it an attractive investment opportunity for landlords and small-portfolio investors looking to capitalize on the demand for rental properties.

The Fair Market Rent (FMR) for a two-bedroom apartment in Shawsville for fiscal year 2024 is set at $980. This figure provides a benchmark for what landlords can charge while still being eligible for Section 8 subsidies.
The average market rent for a two-bedroom apartment in the area is $1,043, according to recent Census American Community Survey (ACS) data. This indicates that the rental market slightly exceeds the FMR, offering landlords a competitive edge.
The median home value in Shawsville is $240,859, which is lower compared to many urban areas, making property acquisition potentially more affordable for investors.
Renters constitute 33.2% of the population, reflecting a significant portion of residents who rely on rental housing. This high renter share suggests a consistent demand for rental properties.
The median household income in the zip code is $73,348. While this is below the national average, it still supports the ability of renters to pay the prevailing market rents.
The Days on Market (DOM) for rental listings is currently listed as N/A, indicating either a very active market where properties are rented quickly or a lack of comprehensive data on this metric.

In summary, Shawsville, VA offers a balanced rental market with a fair number of potential tenants. The gap between the FMR and market rent presents an opportunity for landlords to receive higher payments while maintaining eligibility for Section 8 subsidies. The lower median home values suggest that property acquisition could be cost-effective, and the median income supports the affordability of current rental rates. However, the absence of specific DOM data means that the speed at which rental units are filled remains uncertain, though the high renter share implies a likely quick turnover. Overall, Shawsville represents a viable investment option for those interested in the Section 8 rental 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.