Location: Lee 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 | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $113,187 | 0.89% | C |
| 3BR | $1,290 | $176,185 | 0.73% | D |
| 4BR | $1,370 | $222,712 | 0.62% | D |
U.S. Census Bureau data (2024)
The median income in ZIP 24244, Duffield, VA stands at $40,423, which places significant constraints on the financial capabilities of local households. At the market rate of $715 per month (as reported by the Census ACS), rent constitutes a substantial portion of the average household's budget. This makes housing expenses particularly challenging for residents.
Comparatively, the Fair Market Rent (FMR) set by the Housing Choice Voucher Program for fiscal year 2024 is $910. This figure is notably higher than the market rate, indicating that voucher holders could potentially find it easier to secure housing within the area. However, the discrepancy between the market rate and the FMR highlights an affordability gap that affects both tenants and landlords.
In ZIP 24244, with 26.7% of the 5,600 population being renters, the competition among landlords is likely to be intense. The affordability gap means that many tenants may struggle to meet even the lower market rate without assistance. Landlords who accept vouchers will benefit from a guaranteed payment closer to the FMR, reducing the risk of non-payment and providing a steady income stream.
The takeaway for landlords considering their strategy is clear: accepting vouchers can be a competitive advantage. While the market rate of $715 is below the FMR of $910, the higher payment through vouchers can provide a more reliable source of income. Moreover, it opens up the rental pool to those who might otherwise be unable to afford living in Duffield, thereby increasing the potential tenant base and stabilizing occupancy 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.