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 | $1,050 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,780 |
| 4 Bedrooms | $2,150 |
| 5 Bedrooms | $2,494 |
| 6 Bedrooms | $2,793 |
| 7 Bedrooms | $3,016 |
| 8 Bedrooms | $3,167 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,280 | $443,501 | 0.29% | F |
| 3BR | $1,780 | $834,389 | 0.21% | F |
| 4BR | $2,150 | $1,043,442 | 0.21% | F |
U.S. Census Bureau data (2024)
The rental landscape in ZIP code 24176, which encompasses Union Hall, VA, presents a unique set of challenges and opportunities for landlords and small-portfolio investors. The area has a median income of $98,250, indicating a relatively affluent demographic. However, the market rate for rentals is listed as N/A, suggesting limited data on actual rental prices in the area.
In contrast, the Fair Market Rent (FMR) for ZIP 24176 as of fiscal year 2024 is set at $1360. This figure represents the government's benchmark for rental payments under the Section 8 voucher program. Given the limited data on market rates, it's prudent to consider the FMR as a proxy for affordability.
The ZIP code has a low percentage of renters at 3.9%, with a total population of 1,586. This indicates a predominantly owner-occupied community, which could suggest a smaller pool of potential tenants. The affordability gap between the median income and the FMR highlights a discrepancy where many residents might find the rental market accessible without needing assistance, while others may rely heavily on vouchers to cover their housing costs.
This scenario means that landlords in Union Hall face less competition from other property owners for cash-paying tenants, given the high median income and low renter ratio. However, those interested in attracting tenants using Section 8 vouchers must ensure they meet the criteria for voucher acceptance, as the FMR of $1360 may be the only viable option for some renters.
Takeaway: For landlords considering their strategy in ZIP 24176, focusing on cash-paying tenants could be more lucrative due to the area's affluence. However, accommodating voucher holders can also be a reliable source of steady income, especially if the FMR aligns closely with the local rental market. Balancing both approaches might be the most effective way to navigate the local rental dynamics.
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.