Location: Dickenson County, VA | Metro: Buchanan County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 24217, which is set at $950 for the metro area in fiscal year 2026, represents the payment standard for landlords participating in the Section 8 housing choice voucher program. This figure is not the amount tenants will pay; rather, it's the maximum amount that the government will subsidize per month for a unit in this area.
Section 8 vouchers cover a significant portion of the rent, with tenants typically paying the remainder out of pocket. In ZIP 24217, the local median rent is not available, but based on the FMR, you can expect the government to pay up to $950 towards the rent. The tenant’s contribution is calculated based on their income, usually around 30% of their adjusted monthly income.
The 22.2% renter share in ZIP 24217 indicates a moderate demand for rental properties. While this doesn't directly translate to guaranteed occupancy, it does suggest that there is a sizeable portion of the population relying on rental housing, potentially including those who would benefit from Section 8 vouchers.
Regarding acquisition costs, the average property value is not specified for ZIP 24217, making it difficult to provide an exact figure. However, if you are considering purchasing a property specifically for Section 8 tenancy, it's important to ensure that the FMR covers your mortgage, maintenance, and other costs associated with owning and managing a rental property.
Before deciding to participate in the Section 8 program with a rental property in ZIP 24217, verify that your property meets all the necessary requirements, such as passing a Housing Quality Standards (HQS) inspection. This ensures that your property is in good condition and complies with local health and safety codes, which are prerequisites for receiving the subsidy.
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.