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 | $830 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $940 | $297,855 | 0.32% | F |
| 3BR | $1,310 | $431,728 | 0.3% | F |
| 4BR | $1,590 | $664,262 | 0.24% | F |
U.S. Census Bureau data (2024)
The real estate market in ZIP 24184, Wirtz, VA, presents a nuanced landscape for both landlords and small-portfolio investors. With a median home value of $448,391, the area maintains a stable position, indicative of a resilient housing market. The fact that only 0.2% of listings have been reduced suggests that sellers are maintaining confidence in their property values, implying a strong seller's market where pricing power remains robust.
The median days on market (DOM) being listed as N/A could indicate a few scenarios. If interpreted as a very low number, it would suggest that homes are selling quickly, further reinforcing the notion of a strong seller's market. This rapid turnover can be attributed to the limited supply of homes for sale, which keeps demand high and supports current price levels.
On the rental side, the Fair Market Rent (FMR) for ZIP 24184 in fiscal year 2024 is set at $910, whereas the current market rent based on Census ACS data stands at $741. This gap signals an opportunity for landlords to increase rents, aligning them more closely with the FMR, without risking tenant loss due to the relative affordability of the area. However, it also suggests that there might be pressure from local market conditions to keep rents lower than the FMR.
For long-term investors, the setup implies a market where appreciation may be modest but steady. Given the low percentage of price reductions and the potential for rental rate increases, the overall value proposition remains positive. However, the absence of significant growth indicators, such as a rapidly increasing population or new developments, limits the possibility of substantial appreciation gains over the next 12-24 months. Investors should focus on cash flow from rentals and moderate capital appreciation rather than expecting large jumps in property values.
In summary, the combination of a stable median home value, minimal price reductions, and favorable rental dynamics points to a market where investors can maintain solid returns through steady appreciation and carefully managed rental rates. The lack of dramatic shifts in either direction underscores the importance of a conservative investment strategy in ZIP 24184.
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.