Location: Russell County, VA | 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 | $810 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,290 |
| 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 | $1,000 | $85,854 | 1.16% | B |
| 3BR | $1,290 | $143,509 | 0.9% | C |
| 4BR | $1,490 | $208,959 | 0.71% | D |
U.S. Census Bureau data (2024)
The classification of ZIP code 24224 in Saint Paul, Virginia, hinges on its yield and stability metrics. Yield is determined by comparing the Fair Market Rent (FMR) to the median home value, while stability involves analyzing the percentage of renters, the number of days on the market (DOM), and average household income.
On the yield axis, the FMR for the metro area in fiscal year 2026 stands at $1,040, significantly higher than the market rent of $708. This suggests a potential for higher rental income relative to the cost of owning property. Additionally, the median home value of $116,169 indicates that purchasing properties in this area could be relatively affordable compared to other markets. These figures point towards a high-yield environment, where landlords can potentially capitalize on the difference between market rents and the higher FMR.
Moving to the stability axis, the ZIP code has 20.5% of its households as renters. While this percentage is not exceptionally high, it does indicate a portion of the population that relies on rental housing. The absence of data on the average number of days on the market (DOM) makes it challenging to assess how quickly properties might turn over, which is a key indicator of stability. However, the average household income of $49,894 suggests a moderate level of financial security among residents, which can support stable rental payments.
Combining these insights, ZIP 24224 appears to be a high-yield market with moderate stability. The significant gap between the FMR ($1,040) and the market rent ($708) provides an opportunity for higher returns on investment. However, the relatively low percentage of renters (20.5%) and the unknown DOM rate imply some volatility in the rental market. Landlords and small-portfolio investors should consider these factors carefully when evaluating the potential for short-term flips versus long-term, steady cash flow 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.