Location: Kingsport-Bristol, TN | Metro: Kingsport-Bristol, TN-VA MSA
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 | $770 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,110 | $126,965 | 0.87% | C |
| 3BR | $1,400 | $202,268 | 0.69% | D |
| 4BR | $1,490 | $254,599 | 0.59% | F |
| 5BR | $1,728 | $307,277 | 0.56% | F |
U.S. Census Bureau data (2024)
The ZIP code 24201 in Bristol, VA, stands out among other areas due to its unique demographic and economic characteristics. With a total population of 15,903, Bristol City County has a significant portion of its residents renting homes at 38.2%. The median income here is $48,764, which is relatively modest compared to the median home value of $176,070. This suggests that homeownership might be less accessible to many residents, making rental properties an important asset.
Turning to the specifics of Section 8 housing vouchers, the Fair Market Rent (FMR) for ZIP 24201 in fiscal year 2024 is set at $960 per month. In contrast, the Census ACS data indicates that the average market rent is $793. This discrepancy means that landlords can potentially charge a higher rent to tenants with Section 8 vouchers, thereby increasing their revenue compared to the general market rate. The difference of $167 between the FMR and the market rate is a significant opportunity for landlords to maximize their returns while still providing affordable housing options.
Evaluating the overall stability of the area, ZIP 24201 appears to be stable rather than transitional. The data shows a consistent pattern of rental demand and a steady median income level, indicating that the local economy supports a reliable tenant base. However, the high median home value relative to the median income suggests that the housing market might be slightly overvalued, which could pose challenges for first-time homebuyers. For landlords and small-portfolio investors, the stability of the area combined with the favorable economics of Section 8 vouchers presents a solid investment opportunity.
To summarize, the key points for investors and landlords in ZIP 24201 are:
This analysis is based on the provided data points and does not suggest any immediate signs of transition. Landlords can expect a steady stream of rental income, particularly if they participate in the Section 8 program.
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.