Location: Wise County-Norton city, VA | Metro: Wise County-Norton city, VA HUD Nonmetro 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 | $750 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $990 | $41,575 | 2.38% | A+ |
| 3BR | $1,320 | $55,944 | 2.36% | A+ |
U.S. Census Bureau data (2024)
960 is the Fair Market Rent (FMR) for ZIP 24216 in Appalachia, VA, as set by HUD for metro FY 2026. This figure represents the maximum amount that a landlord can charge for a Section 8 voucher holder. In comparison, the market rent reported by the Census ACS stands at 766, indicating a significant gap between the government-set rent and the actual market rates. The median home value in the area is 52,047, which is considerably lower than many other regions, making it an attractive investment opportunity for those looking to enter the real estate market with a smaller initial capital outlay.
23.7% of the population in ZIP 24216 are renters, suggesting a substantial demand for rental properties. However, the median income of 37,795 implies that a portion of the local residents may struggle to afford market rents without assistance. Given the disparity between the FMR and the market rent, landlords who participate in the Section 8 program can ensure a steady stream of tenants while maintaining profitability.
N/A is the data point for days on market (DOM), which indicates a lack of recent sales activity to provide an accurate average. Similarly, the N/A for the percentage of homes that have had their prices cut suggests that there isn't a significant trend of price reductions in the area, which could be due to low inventory or stable property values.
In conclusion, the combination of a relatively low median home value, a moderate renter share, and a significant difference between the FMR and market rent makes ZIP 24216 a viable option for landlords and small-portfolio investors interested in the Section 8 program. Participation ensures a consistent tenant base and can help stabilize cash flows given the local economic conditions.
Verdict: Acceptable for Section 8 investments.
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.