Location: Lee County, VA | Metro: Lee 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 | $730 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,310 | $142,347 | 0.92% | C |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 24243 are defined by the SAFMR (Small Area Fair Market Rent) which is set specifically for this ZIP code. For a two-bedroom apartment, the SAFMR for FY 2026 is $1,050. This figure represents the maximum amount that the Housing Choice Voucher program will pay towards rent in this area.
A voucher holder pays 30% of their adjusted monthly income toward rent. This amount is considered the tenant's portion and does not include utilities. The remaining 70% of the rent is covered by the government, up to the SAFMR limit. If the total rent exceeds $1,050, the landlord must absorb the difference. However, if the rent is below $1,050, the voucher payment will adjust accordingly to ensure the landlord receives the full market rent.
To illustrate, let’s assume a voucher holder has an adjusted monthly income of $2,000. They would be required to pay $600 (30%) towards rent. The government would then cover the remaining $450 to reach the total rent of $1,050. If the market rent for a two-bedroom apartment in ZIP 24243 is higher than $1,050, the landlord would receive only $1,050, and any excess over this amount must be paid by the tenant or absorbed by the landlord.
In addition to the base rent, utility allowances are also factored into the overall payment structure. These allowances vary but are designed to help cover electricity, gas, water, and other household utilities. The exact amount can depend on the size of the unit and local utility costs, though it is not specified in the data provided here.
Given that the local market rent figures are currently unavailable, we cannot determine if there is a surplus or a gap between the SAFMR and the market rates. However, if the market rent is less than $1,050, landlords would see a surplus, meaning they receive more than the local market rate. Conversely, if the market rent is higher than $1,050, landlords would face a gap, needing to either accept lower payments or find additional ways to make up the difference.
To conclude, landlords in ZIP 24243 should understand that the Section 8 voucher system caps the reimbursement at $1,050 for a two-bedroom unit in FY 2026. The reimbursement gap or surplus depends on the actual market rents, which are currently unknown. Landlords must weigh the benefits of stable, government-backed rental income against the risk of receiving less than market rates.
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.