Location: Dickenson County, VA | Metro: Dickenson County, VA
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 | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,120 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,120 | $108,784 | 1.03% | B |
U.S. Census Bureau data (2024)
The median income in ZIP code 24226 stands at $54,191, which makes it challenging for residents to afford the market rate rent of $638 per month based on Census ACS data. This figure represents the typical rent expense for households in the area. However, when comparing this to the voucher payment standard of Fair Market Rent (FMR) at $910 for the metro area in fiscal year 2026, the disparity becomes evident. The FMR is significantly higher than the market rate, indicating that voucher recipients have the potential to pay more than non-voucher tenants.
In ZIP 24226, where the population is 2,110 and 26.6% of residents are renters, the affordability gap suggests a competitive landscape for landlords. Given the median income and the current market rate, many renters might struggle to find affordable housing without assistance. This means landlords who accept vouchers could benefit from a steady stream of tenants who can reliably pay the higher FMR rate, thus providing a more stable income compared to those relying solely on cash-paying tenants.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: accepting vouchers can provide a financial advantage. Despite the paperwork and administrative overhead associated with vouchers, the guaranteed payment of $910 per month, as opposed to the lower market rate of $638, offers a compelling incentive. Landlords should weigh the benefits of increased tenant stability and higher rent payments against the operational complexities of working with housing vouchers.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.