Location: Wise County-Norton city, VA | Metro: Wise County-Norton city, VA HUD Nonmetro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
The ZIP code 24246, located within the Wise County-Norton city, VA HUD Nonmetro FMR Area, has a Fair Market Rent (FMR) of $930 for fiscal year 2026. This figure represents the rent level at which low- and moderate-income families can afford decent housing without paying more than 30 percent of their adjusted income for housing costs. However, specific market rent and home value data for ZIP 24246 are currently unavailable.
The renter share in ZIP 24246 stands at 0.0%, indicating that there are no reported renters within this ZIP code. This starkly contrasts with the typical ZIP codes in the Wise County-Norton city, VA HUD Nonmetro FMR Area, where rental properties are more common. The absence of renters suggests that the area is predominantly owner-occupied, possibly due to lower availability of rental units or higher homeownership rates.
Given the available data, it's challenging to definitively categorize ZIP 24246 as a value pocket, a mid-tier neighborhood, or a premium sub-market within its metro area. However, the FMR of $930 can be used as a benchmark against other ZIP codes in the same area to infer its relative position. If the FMR is notably lower than surrounding areas, it might suggest a value pocket where rental properties could be priced competitively. Conversely, if it's on par with or slightly above average, it would likely represent a mid-tier neighborhood.
The lack of market rent and home value data for ZIP 24246 makes direct comparisons difficult. However, the combination of an FMR and a zero renter share implies that the area may not be actively participating in the rental market, which could limit its appeal for landlords and small-portfolio investors looking to capitalize on Section 8 opportunities. For such investors, ZIP 24246 may present challenges due to the scarcity of rental units and the need for additional research to understand the local real estate dynamics.
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.