Location: Dickenson County, VA | Metro: Dickenson County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 24220 in fiscal year 2026 is set at $1,090. This figure represents the payment standard for Section 8 housing vouchers in the area. It does not mean that you will receive $1,090 as rent; rather, it's the maximum amount that the Housing Choice Voucher program will pay on behalf of a tenant.
Local market rents are currently not available (N/A), which makes direct comparison challenging. However, the FMR can serve as a benchmark for setting your rental rates if you decide to participate in the Section 8 program. Landlords often set their rent higher than the FMR to cover the administrative costs associated with the program, but they must ensure that the tenant's portion of the rent (typically 30% of their income) plus the voucher subsidy does not exceed the FMR.
The 3.3% renter share indicates that a significant portion of the population in this area relies on rental housing. This suggests there is a steady demand for rental properties, including those that accept Section 8 vouchers. Participation in the program can help fill vacancies that might otherwise be harder to manage due to the high dependency on rental housing.
Acquisition costs for properties in ZIP 24220 are also listed as N/A, meaning specific data is not available. However, understanding the local real estate market and comparing property values in similar areas can give you an idea of the investment required to acquire a rental property here. It's important to factor in not just the purchase price but also ongoing maintenance, insurance, and other expenses when determining if a Section 8 rental is financially viable.
Before committing to a Section 8 rental property in ZIP 24220, verify that the property meets all HUD inspection standards known as the Housing Quality Standards (HQS). This ensures that the unit is habitable and safe for tenants, which is a prerequisite for participation in the program. Once these standards are met, you can confidently proceed with the application process knowing that your property is suitable for the program.
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.