Location: Kingsport-Bristol, TN | Metro: Kingsport-Bristol, TN-VA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) of $960 for ZIP code 24202 in Bristol, VA, landlords have a clear benchmark for rental pricing. The Census ACS reports a market rent of $833, indicating that there's room for slight increases without deterring tenants. At a median home value of $247,187, the area shows potential for both property appreciation and rental income growth. With 15.9% of residents being renters, the demand for affordable housing remains steady. The median income of $60,905 suggests that most residents can afford the FMR, but there's still a segment that might struggle. Unfortunately, the days on market (DOM) data is not available, which would be crucial for understanding how quickly properties are rented out. However, the price-cut share stands at just 0.2%, signaling strong market confidence among sellers. In conclusion, Bristol, VA, presents a balanced opportunity for landlords and small-portfolio investors, especially those interested in Section 8 participation. The combination of a manageable market rent and a slightly higher FMR, along with a solid median income, makes the area viable for Section 8 contracts.
Section 8 Verdict: Bristol, VA, is a suitable market for Section 8 with an FMR of $960 and a median income of $60,905 supporting tenant eligibility.
Data Sources: FMR data from HUD (2027). 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.